PSEG comments on trader resignation

NEWARK, N.J. (PRNewswire-FirstCall) Public Service Enterprise Group (PSEG) said that rumors in the financial marketplace that the head of its energy trading business had resigned were incorrect. The rumors negatively impacted PSEG’s common stock price in the final hour of trading on the New York Stock Exchange.

Steven R. Teitelman, president of PSEG Energy Resources & Trade (ER&T), who is the head of PSEG’s energy trading business, said the rumors were apparently sparked by the resignation of Jeff Foose, one of ER&T’s five managing directors, over issues involving his deferred compensation.

“Our energy trading business will not be affected by Jeff’s departure,” Teitelman said. “Our success is not dependent on the contribution of one individual. We have a large, sustainable commercial organization that is having a very successful year. This business is a key ingredient in helping PSEG Power exceed its earnings objectives. ER&T will continue to grow and prosper. We wish Jeff well in his future endeavors.”