Public Service Enterprise Group 8-K 2006
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
On December 7, 2006, Public Service Enterprise Group Incorporated (PSEG) announced the appointment of Derek DiRisio as Vice President and Controller (Principal Accounting Officer) of PSEG, Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and PSEG Energy Holdings L.L.C. (Energy Holdings). The appointment is effective as of January 3, 2007, the date that Patricia A. Rado, the current Principal Accounting Officer of PSEG, PSE&G, Power and Energy Holdings is scheduled to retire. Mr. DiRisio, age 42, has been serving as Assistant Controller of PSEG, Vice President of Energy Holdings and Vice President, Planning and Analysis of PSEG Global L.L.C. and PSEG Resources L.L.C., Energy Holdings principal subsidiaries.
Under the terms of Mr. DiRisios at will employment as Vice President and Controller, he will receive a base salary of $255,000 and a target annual incentive of 35%. He will also be eligible for long-term incentive compensation awards as determined from time-to-time by PSEG.
Also, on December 7, 2006, PSEG and Energy Holdings announced that Thomas OFlynn, currently Executive Vice President and Chief Financial Officer (CFO) of PSEG and Energy Holdings will assume the additional duties of President of Energy Holdings upon the scheduled retirement of Robert J. Dougherty, Jr., currently Energy Holdings President, in the first quarter of 2007. Mr. OFlynn was also elected Executive Vice President of PSE&G, effective December 11, 2006, and will assume the additional duties of CFO of PSE&G upon the scheduled retirement of PSE&Gs current CFO, Robert E. Busch, effective January 18, 2007. There has been no change in Mr. OFlynns compensation arrangements as a result of these additional appointments.
ITEM 8.01 OTHER EVENTS
Also on December 7, 2006, PSEG announced certain other officer appointments and organizational changes. A copy of the press release detailing these matters is attached as Exhibit 99.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS