Public Service Enterprise Group management check
PEG · Utilities · Electric Utilities · CEO Ralph A LaRossa
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $163, against $145 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.60 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.7% of net income$13.9m of reported pay in fiscal 2025, against $2.1bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.4 years of payThe CEO holds 278,569.964 shares, directly or through trusts (unvested awards not counted): about 1.4 years of pay. Light activity: no buys, $1.8m sold in six months. 7 of 8 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.1% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Izzo, Mr. LaRossa. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 66 | 53 | |
| Pay for performance | 80 | 81 | |
| CEO cost | 65 | 50 | |
| Skin in the game | 43 | 45 | |
| Dilution | 49 | 37 | |
| Stable leadership | 45 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electric Utilities, by management score. Public Service Enterprise Group is 15th of 30 in its sector.
- 30CEGConstellation Energy84
- 62VSTVistra Corp.79
- 143EIXEdison International72
- 145PPLPPL Corporation72
- 252EVRGEvergy64
- 254PEGPublic Service Enterprise Group64
- 270ETREntergy63
- 285LNTAlliant Energy62
- 338EXCExelon59
- 354ESEversource Energy58
Pay versus performance
From the proxy statement filed March 12, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. LaRossa | $13.9m | $11.3m | $3.7m | $163 | $145 | $2.1bn |
| 2024 | Mr. LaRossa | $12.4m | $31.4m | $3.5m | $166 | $129 | $1.8bn |
| 2023 | Mr. LaRossa | $11.8m | $13.0m | $3.6m | $116 | $112 | $2.6bn |
| 2022 | Mr. Izzo, Mr. LaRossa | $12.9m | $6.4m | $2.7m | $112 | $119 | $1.0bn |
| 2021 | Mr. Izzo | $14.2m | $16.8m | $3.8m | $118 | $117 | −$648.0m |
The board says pay is tied most to OperatingEPS. Its other key measures: Operating Earnings Per Share (non-GAAP), Relative Total Shareholder Return, Earnings Per Share Growth, Sustainability Index.
Insiders and the CEO's stake
Ralph A LaRossa (Chair, President and CEO) held 278,569.964 shares directly after their latest Form 4 on Oct 16, 2026, roughly $19.9m at that filing's price.
Light activity: no buys, $1.8m sold in six months. 7 of 8 sales ran on pre-arranged 10b5-1 plans.
- SoldRalph A LaRossaChair, President and CEO · 10b5-1 plan$950kOct 1, 2026
- SoldRichard T ThigpenSVP Corporate Citizenship$596kAug 11, 2026
- SoldKim C HanemannPresident and COO - PSE&G · 10b5-1 plan$249kJun 24, 2026
Leadership and governance on file
- Apr 23, 2026Leadership change8-K/A 5.02
- Jan 21, 2026Leadership change8-K 5.02
- Nov 19, 2024Leadership change8-K 5.02
- Sep 17, 2024Leadership change8-K 5.02
- Apr 18, 2024Leadership change8-K 5.02
- Feb 15, 2024Leadership change8-K/A 5.02
- Jan 24, 2024Leadership change8-K 5.02
- Oct 26, 2023Leadership change8-K 5.02
- Sep 21, 2023Leadership change8-K 5.02
- Apr 19, 2023Leadership change8-K 5.02
- Apr 11, 2023Leadership change8-K 5.02
- Sep 1, 2022Leadership change8-K/A 5.02
Latest shareholder vote results: Apr 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.2bn returned to owners in buybacks and dividends, 91% of net income, and $158.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7bn | $9.8bn | $11.2bn | $10.3bn | $12.2bn |
| Net income | −$648.0m | $1.0bn | $2.6bn | $1.8bn | $2.1bn |
| Stock-based pay | $28.0m | $29.0m | $18.0m | $40.0m | $43.0m |
| Buybacks | $0 | $500.0m | $0 | $0 | — |
| Dividends | $1.0bn | $1.1bn | $1.1bn | $1.2bn | $1.3bn |
| Diluted shares | 504m | 501m | 500m | 500m | 501m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.