Public Service Enterprise Group (PEG) - Get Report said Monday that Ralph Izzo was elected as president and operating chief and also as a director.

This action by the board is effective Oct. 1 and positions Izzo to become CEO following the retirement of E. James Ferland, now planned for March 31, 2007.

The board also elected Ralph LaRossa to succeed Izzo as president and chief operating officer of PSEG's utility business, Public Service Electric & Gas, also effective immediately.

Earlier, LaRossa was vice president-electric delivery.

The company's shares were trading up 53 cents at $61.48 Monday.

This story was created through a joint venture between TheStreet.com and IRIS.