PSEG made it official Thursday with Ralph LaRossa assuming the role of president and chief executive officer of the Newark-based energy company.
In April, PSEG announced Ralph Izzo, who served as CEO for the past 15 years, would retire at the end of 2022. As part of that succession plan, the PSEG board of directors elected LaRossa, who previously served as COO, to take over the leadership position and join the boards of PSEG and Public Service Electric & Gas., effective Sept. 1.
Thursday also marks Izzo’s transition to executive chair of the PSEG board until his final day on Dec. 31, 2022. LaRossa will assume the additional responsibilities of chair of the PSEG board Jan. 1, 2023. At that time, he will also join the executive committee of the board.
“I am incredibly honored to step into this role after working so closely with Ralph Izzo for so many years,” said LaRossa. “As CEO for 15 years, Ralph Izzo has had a significant impact on not only the performance and culture of PSEG, but also on the business and energy landscape across New Jersey and nationally.”
“It has been a privilege to serve as CEO for the last 15 years, driving toward a sustainable energy future that is cleaner and more reliable than ever,” said Izzo. “For almost 20 years, Ralph LaRossa, and I have worked side-by-side building out PSEG’s vision. I am proud of the accomplishments our 12,500 strong workforce has made, and I look forward to what PSEG will accomplish in the years to come.”
During his more than three-decades long career, LaRossa has held leadership roles overseeing all of the company’s operating businesses, including PSE&G, PSEG Power, PSEG Long Island, and PSEG Services Corp. functions such as information technology and cyber and physical security.
LaRossa says with its Powering Progress initiatives that PSEG is ready to meet the challenges of rapidly changing world.
“Our vision is clear: to power a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever,” LaRossa explained.
The new CEO said that the threat of severe weather and long-term climate change has guided the company’s strategic decision-making process to focus on incorporating sustainability, adaptation and decarbonization. He is excited about the company’s future.
“Combined with our relentless focus on the safety of our employees, customers and communities, a strengthened infrastructure, as well as a strong, diverse talent pipeline, PSEG is well positioned for the future,” said LaRossa.