Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
On January 10, 2019, Stuart J. Black, Vice President and Controller of each
of Public Service Enterprise Group Incorporated (PSEG), Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (Power) notified PSEG of his intention to retire from each of his positions, effective March 11, 2019. Mr. Black
is expected to remain with the company as Vice President Special Projects until May 17, 2019.
Consistent with PSEGs succession plan, on
January 14, 2019, Rose M. Chernick was elected to replace Mr. Black as Vice President and Controller of each of PSEG, PSE&G and Power, effective upon the retirement of Mr. Black from such positions on March 11, 2019.
Ms. Chernick, 55, has served as Vice President Finance, Corporate Strategy and Planning since October, 2015. Ms. Chernick joined PSEG in 2004
as Director Financial Management Services and advanced through a variety of financial positions of increasing responsibility, including as Vice President Finance, Holdings and Corporate Planning and Analysis and Enterprise Assistant
Controller. Prior to joining PSEG, Ms. Chernick worked at NextEra Energy Resources, LLC in a variety of accounting positions, culminating in the position of Director of Accounting. Prior to that, she worked at Deloitte & Touche LLP in
its financial services and public utilities practice.
No arrangement or understanding exists between Ms. Chernick and any other person pursuant to
which Ms. Chernick was elected as an officer of PSEG.
Under the terms of Ms. Chernicks at will employment as Vice President and
Controller, she will receive a base annual salary of $325,000 and a target annual incentive under PSEGs Management Incentive Compensation Plan of 45%. Ms. Chernick will continue to participate in PSEGs Amended and Restated 2004
Long-Term Incentive Plan.
PSEG issued a press release on January 15, 2019 announcing the retirement of Mr. Black and election of
Ms. Chernick. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.