Robert C. Murray to Retire as CFO of PSEG; Thomas M. O'Flynn Named as Successor

Apr 30, 2001, 01:00 ET from PSEG

    NEWARK, N.J., April 30 /PRNewswire/ -- E. James Ferland, PSEG chairman,
 president and CEO, today 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.  Murray, 55, and his wife, Ellen, reside in Irvington,
 New York and have two children and one grandchild.
     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.  O'Flynn graduated from Northwestern University
 in 1982 with a B.A. in economics and received an M.B.A. in 1986 from the
 University of Chicago.  O'Flynn, 41, and his wife, Cheryl Barr, reside in
 Summit, New Jersey with their three-year-old son, Jeremy.
 
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SOURCE PSEG
    NEWARK, N.J., April 30 /PRNewswire/ -- E. James Ferland, PSEG chairman,
 president and CEO, today 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.  Murray, 55, and his wife, Ellen, reside in Irvington,
 New York and have two children and one grandchild.
     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.  O'Flynn graduated from Northwestern University
 in 1982 with a B.A. in economics and received an M.B.A. in 1986 from the
 University of Chicago.  O'Flynn, 41, and his wife, Cheryl Barr, reside in
 Summit, New Jersey with their three-year-old son, Jeremy.
 
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 SOURCE  PSEG