Laurence M. Downes served as the CEO of New Jersey Resources Corporation (NJR) from 2001 until his retirement in 2019. He holds a bachelor's degree in Business Administration from Montclair State University. During his time leading NJR, Downes oversaw significant...

Laurence M. Downes served as the CEO of New Jersey Resources Corporation (NJR) from 2001 until his retirement in 2019. He holds a bachelor's degree in Business Administration from Montclair State University. During his time leading NJR, Downes oversaw significant company growth, including consistent increases in annual dividends for 20 straight years. After announcing his retirement plans, he continued to serve as Chairman until January 2020. This transition in leadership brought Stephen D. Westhoven into the role of CEO, following a well-structured succession plan. Notably, Downes had a pay-for-performance compensation philosophy, with significant portions of his pay tied to performance metrics like Net Financial Earnings. Interestingly, his earnings peaked in 2018 at around $4.55 million, followed by a drop in 2019 to $2.26 million, highlighting the ebbs and flows common in corporate leadership roles. Downes has been actively involved in various boards, including the American Gas Association and has held positions influencing workforce development. His leadership style demonstrated a commitment to both stakeholder value and corporate governance.