Ralph LaRossa, the longtime Public Service Enterprise Group executive who has held numerous top positions with the company, was selected by the board to succeed Ralph Izzo as CEO and president, it was announced Tuesday morning.
Izzo announced Tuesday that he is retiring at the end of 2022.
LaRossa, currently the company’s chief operating officer, will assume the roles of CEO and president Sept. 1, when Izzo will assume the role of executive chairman.
Izzo will continue to lead the board and work closely with LaRossa in support of a smooth succession and continue his keen focus on energy policy matters — but the role will be short.
LaRossa will assume the additional responsibilities of chair Jan. 1, 2023, when Izzo will retire completely.
Shirley Ann Jackson, PSEG’s retiring lead director, said the decision to promote LaRussa was an easy one — and a unanimous choice.
“The board of directors has led a robust leadership succession planning effort, and today’s announcement reflects the unanimous support of Ralph LaRossa as the next CEO,” she said. “We are confident that Ralph will pick up the reins in September and continue to successfully guide the company along the path that he helped Ralph Izzo build.”
LaRossa said he was honored and humbled by the selection.
“My goal is to carry on the vision and strategy that Ralph Izzo has built with our leadership team,” he said. “With a focus on developing our workforce of the future, I look forward to powering progress for all of the diverse stakeholders and communities we serve.”
For over three decades, LaRossa’s career at the company has enabled him to hold leadership roles overseeing all of the operating businesses of PSEG, including: Public Service Electric & Gas, PSEG Power, PSEG Long Island and PSEG Services Corp. functions including information technology, and cyber- and physical security.
Among his accomplishments:
- As the president and COO of PSE&G for more than a decade, LaRossa’s dedication to employees and customers began with a commitment to improving operating performance in all areas of safety, reliability and emergency response. LaRossa also spearheaded the development and execution of PSE&G’s landmark clean energy and utility of the future program.
- Most recently, in his role as COO, he led the company’s business continuity and response to COVID-19, ranging from protecting the health and safety of employees and customers, to maintaining safe and reliable operations, to achieving financial and operational plans.
- Additionally, LaRossa led the recent divestiture of PSEG’s Solar Source and Fossil businesses as well as the development and execution of the offshore wind growth strategy.
Susan Tomasky, who was designated to succeed Jackson as lead director, lauded LaRossa.
“Ralph LaRossa’s track record showcases his talent in developing and executing business strategy, identifying and leading the implementation of investment priorities across the enterprise, as well as his deep commitment to employees and workforce development,” she said. “I look forward to his leadership and continuing to work with him in the future in this new role.”
Izzo lauded the announcement that LaRossa, his longtime colleague, will succeed him.
“For almost 20 years, Ralph LaRossa and I have worked side-by-side building out PSEG’s vision,” he said. “With our Powering Progress vision, mission and strategy firmly in place, I am truly excited about the future prospects for PSEG under Ralph LaRossa’s leadership.”
