New executive, a former officer of Exelon, has solid business experience
In another change, Stephen C. Byrd will assume leadership of PSEG Energy
Holdings
NEWARK, N.J., July 2 /PRNewswire-FirstCall/ -- Public Service
Enterprise Group (PSEG) today announced that it has named Randall E.
Mehrberg to the newly created post of executive vice president - planning
and strategy, effective September 8.
PSEG also announced that Stephen C. Byrd, senior vice president -
finance, business development, strategy and M&A, will become president of
PSEG Energy Holdings, effective July 7. In doing so, he will relinquish his
current strategy responsibilities to Mehrberg.
Mehrberg will report to Ralph Izzo, PSEG's chairman, president and
chief executive officer, and will be a member of the corporate executive
leadership team. He will have leadership responsibility for developing
PSEG's corporate strategy and five-year business plan.
Mehrberg, who is a lawyer and an experienced manager, will join PSEG
after serving for eight years in various executive leadership positions at
Chicago-based Exelon Corporation, the nation's largest electric utility. He
was executive vice president, chief administrative officer and chief legal
officer from 2006 to 2008; executive vice president-corporate development
and strategy and general counsel from 2002 to 2006, and senior vice
president, general counsel and chief ethics officer from 2000 to 2002.
"Randy Mehrberg is a consummate legal and business professional and an
outstanding strategic thinker," Izzo said. "He has a solid understanding of
the complex energy and utility businesses and recognizes the importance of
pursuing growth in a manner that will reward shareholders, customers and
employees. He will be an excellent addition to PSEG."
Mehrberg's responsibilities will also include PSEG's emergent
technology and transfer group. "This will enable him to ensure development
of a corporate strategy that includes a comprehensive assessment of the
role of technology in the future of our industry," Izzo said.
In addition, Mehrberg will oversee the corporate balanced scorecard.
"This will allow him to look across the company and the industry for how
our operational performance compares with competitors," Izzo said. "He will
then be able to identify and help implement areas for improvement as well
as areas of strength and how they can be leveraged for future growth
opportunities. This will create an organized approach to linking strategy
to the scorecard."
Before his tenure at Exelon, Mehrberg was an equity partner from 1980
to 1993 and again from 1997 to 2000 in the Chicago law firm of Jenner &
Block, where he represented corporations, institutions and government
entities in a broad range of matters. From 1993 to 1997, he served as
lakefront director and general counsel for the City of Chicago's Park
District.
He is a graduate of the University of Pennsylvania's Wharton School of
Business and holds a doctor of law degree from the University of Michigan
Law School. He has been active in a number of business and civic
organizations, including as vice chairman of the board of Nuclear Electric
Insurance Limited and as a board member of both the University of
Pennsylvania Medical School and the University of Michigan Law School.
Byrd will assume the role of president of Energy Holdings from Thomas
M. O'Flynn, PSEG's executive vice president and chief financial officer. In
his new capacity as president, Byrd will continue to report to O'Flynn.
Both Byrd and O'Flynn are also members of the executive leadership team.
Byrd, who also is a lawyer, joined PSEG in January, 2007 from the
investment banking firm of Morgan Stanley where he was executive director
of the global energy and utilities group.
"Stephen Byrd's solid experience in business development ... on Wall
Street and here at PSEG ... will be of great value in his new role as head
of Energy Holdings, particularly as one of its subsidiaries, PSEG Global,
refocuses its direction from an international generation and distribution
business to a domestic renewables business," Izzo said. Holdings' other
subsidiary is PSEG Resources, an investment business.
At Morgan Stanley, Byrd had the lead role in developing transactions
involving a combination of investment banking, commodities and structured
finance capabilities.
On the M&A front, Byrd advised on a broad range of transactions, from
less than $100 million in size to more than $40 billion. In the financing
area, his lead execution roles included initial public stock offerings,
principal investments in private companies, convertible offerings and
high-yield and investment grade offerings.
Byrd is a graduate of the College of William and Mary and holds a joint
doctor of law and master of business administration degree from the
University of Virginia.
Corporate Profile
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a publicly traded
diversified energy company with annual revenues of more than $13 billion,
and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and
Public Service Electric and Gas Company (PSE&G). PSEG Power, one of the
largest independent power producers in the U.S. has three main
subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources & Trade.
PSEG Energy Holdings has two main unregulated energy-related businesses:
PSEG Global and PSEG Resources. PSE&G, New Jersey's oldest and largest
regulated gas and electric delivery utility, serves nearly three-quarters
of the state's population and has been a winner of the ReliabilityOne Award
for superior electric system reliability. PSEG Services Corporation
provides corporate support to the operating businesses.
SOURCE Public Service Enterprise Group (PSEG)
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Related links:
http://www.pseg.com/
CONTACT:
Paul Rosengren of PSEG, +1-973-430-5911
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