New Jersey Resources CEO Laurence Downes to Retire

On Jul 12, 2019

New Jersey Resources Chairman and CEO Laurence M. Downes announces he will retire on September 30 after 34 years with the company and 24 as CEO. He will continue to serve as chairman of the board until the company’s Annual Shareowners Meeting.

Downes joined NJR in 1985 and was named Treasurer in 1986, followed by Vice President and Treasurer in 1988. He was promoted to Senior Vice President and Chief Financial Officer of NJR in 1990 and Executive Vice President of New Jersey Natural Gas in 1994. In 1995, Mr. Downes was promoted to President and CEO, and he was named Chairman of NJR’s Board of Directors in September 1996.

“It has been a privilege to be a part of the New Jersey Resources family for more than three decades,” said Laurence M. Downes. “I’m grateful to the women and men of our company, past and present, who have made us the organization we are today. Their hard work has earned us 13 J.D. Power Awards – more than any other utility in New Jersey; significantly improved the performance of our delivery system; increased the value of our company more than tenfold and helped over 1,800 community service organizations annually across New Jersey. I know our team will continue to deliver on our commitment to our stakeholders for many years to come.”

In line with NJR’s succession plan, the Board of Directors announced Steve Westhoven, President and Chief Operating Officer (COO), age 51, will become President and CEO on October 1, 2019.

“Larry’s outstanding leadership has driven strong performance at New Jersey Resources for more than three decades. His passion for customers, employees and the communities we serve has delivered consistent results. On behalf of the Board, we sincerely thank Larry for his contributions over the years.” said Donald L. Correll, Lead Director of NJR’s Board of Directors. “The Board is confident, under Steve’s leadership, we will continue to grow our business, serve our customers and communities, support our employees and deliver performance for our investors.”

Westhoven joined the company in 1990 and was named Vice President of NJR Energy Services in 2004 and Senior Vice President in 2010. He was promoted to Executive Vice President and COO of NJR in November 2017 and named President and COO of NJR in September 2018.

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