Robert C. Murray to retire as CFO of PSEG

NEWARK, N.J., April 30 /PRNewswire/ — E. James Ferland, PSEG chairman, president and CEO, announced the retirement of Robert C. Murray as executive vice president and chief financial officer of PSEG. Murray has served in that capacity for nearly ten years. Ferland also announced that Thomas M. O’Flynn, currently a managing director at Morgan Stanley, has been named to succeed Murray.

“During the ten years that Bob Murray has served as CFO, this company has experienced some of the most dramatic changes in its history,” said Ferland. “His talent and experience have helped guide us through the financial restructuring of PSEG and he has been a critical part of our success in formulating and executing our strategic and financial plans. PSEG is much stronger as a result of his efforts.” He added, “While we will miss Bob’s counsel on a day to day basis, I am extremely pleased he has agreed to remain in a consulting role.”

Ferland said, “We feel extremely fortunate to have been able to recruit Tom O’Flynn. Tom is one of the most highly respected energy industry specialists in the finance community today. He brings 15 years of experience serving utility and power generation clients along with a broad range of strategic advisory, restructuring, capital raising, and merger and acquisition skills. As we look ahead to the next chapter of the PSEG story, Tom’s broad experience in the financial and energy markets will be directly applicable to our business and our continued ability to make sound judgments. He will truly be a worthy successor to Bob Murray.”

“I am very satisfied with what we have managed to accomplish at PSEG over the last ten years,” said Murray, “and pleased to have been part of crafting a successful transition from a regulated utility to a competitive global energy company. PSEG is in a stronger position today than it has been at any time in its history.”

O’Flynn said, “This is an exciting time to be joining PSEG. I know this company. I know its potential for growth. My decision to leave my current position is made easier because I believe in that potential.”

O’Flynn’s appointment is effective July 1st, 2001.

Murray joined PSEG in January 1992 as senior vice president and chief financial officer. Prior to that he served as a managing director of Morgan Stanley having joined that firm in 1976. During his sixteen years at the firm, he was primarily engaged in working with major electric, gas and telephone utilities.

O’Flynn is a managing director within the Global Power and Utility Group of Morgan Stanley. He joined Morgan Stanley in 1986 as a member of the Corporate Finance Department and has worked primarily with electric and gas utility and power clients for the past 15 years. He has worked on many strategic advisory and financing transactions with major energy industry clients including merger and acquisition assignments, IPO offerings, and capital raising assignments.