Public Service Enterprise Group’s Board of Directors Names Richard J. Swift as its Presiding Director
Appointment reflects company’s strong focus on good corporate governance practices
The board of directors of Public Service Enterprise Group (PSEG) has named Richard J. Swift as its presiding director. Swift has been an external member of the board since 1994 and is a retired chairman, president and chief executive officer of Foster Wheeler Ltd.
“The designation of Dick Swift as presiding director reflects the board’s continuing emphasis on following good corporate governance practices,” said Ralph Izzo, who became PSEG’s chairman and chief executive officer on April 1. “Dick is an excellent choice for the position because of his long and highly regarded experience as a corporate leader and his thorough knowledge of PSEG developed during his long tenure on our board.”
Swift’s appointment is effective immediately and will run for two years. In his capacity as presiding director, he will chair executive sessions of the board and provide feedback to the chairman. He will advise the chairman on the quality and timeliness of information provided to all directors. In addition, he will help establish agendas for board meetings and will help review and convey appropriate communications from shareholders to the board.
Izzo noted that various PSEG board committee chairs had previously performed these duties and that many Fortune 500 companies have designated a presiding or lead director to carry out these activities.
Swift, who is 62, also serves as chair of the board’s nuclear committee and is a member of its corporate governance committee. He was chairman of the Financial Accounting Standards Advisory Board from 2002 to 2006. He served as chairman, president and chief executive officer of Foster Wheeler Ltd, which is based in Clinton, NJ, from 1994 to 2001.
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