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New Jersey Resources Executive Compensation (FY25)

NJR · Executive and director compensation, fiscal 2025 only

The New Jersey Resources brief, $1,500

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Data as of September 7, 2026Latest filing (8-K): January 23, 2026
12 filings cited on this page
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New Jersey Resources brief$1,500Get the executive brief
283 figures on this page: 272 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Stephen Westhoven
Latest say-on-pay support
=
January 21, 2026
Chief executive pay ratio
◇
To the median employee

Frequently asked questions

Answers drawn from the data on this page.
Who is New Jersey Resources' chief executive and what were they paid?
Stephen Westhoven was paid $6,433,253 in total compensation as President and Chief Executive Officer for fiscal 2025.
What was New Jersey Resources' say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.0% of votes cast for or against in favor at the meeting held January 21, 2026 for fiscal 2025.
Which companies are in New Jersey Resources' peer group?
The disclosed peer group includes Atmos Energy Corporation, Avista Corporation, Black Hills Corporation and Chesapeake Utilities Corporation.
What is New Jersey Resources' chief executive pay ratio?
The company reported a chief executive pay ratio of 43:1 for fiscal 2025, against median employee compensation of $150,102.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Westhoven
President and Chief Executive Officer
◇—◇—◇◇◇◇
Patrick Migliaccio
Senior Vice President and Chief Operating Officer, NJNG
◇—◇—◇◇◇◇
Roberto Bel
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Amy Cradic
Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs
◇—◇—◇—◇◇
Richard Reich
Senior Vice President and General Counsel
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Amy CradicPSU◇◇◇—◇—◇
Amy CradicRSU◇——◇——◇
Amy CradicPSU◇◇◇—◇—◇
Patrick J. MigliaccioPSU◇◇◇—◇—◇
Patrick J. MigliaccioRSU◇——◇——◇
Patrick J. MigliaccioPSU◇◇◇—◇—◇
Richard ReichRSU◇——◇——◇
Richard ReichPSU◇—◇—◇—◇
Richard ReichPSU◇◇◇—◇—◇
Roberto F. BelPSU◇◇◇—◇—◇
Roberto F. BelRSU◇——◇——◇
Roberto F. BelPSU◇◇◇—◇—◇
Stephen D. WesthovenRSU◇——◇——◇
Stephen D. WesthovenPSU◇◇◇—◇—◇
Stephen D. WesthovenPSU◇◇◇—◇—◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Amy CradicRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Richard ReichRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Roberto BelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Patrick MigliaccioRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stephen WesthovenRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Donald L. Correll
Board chair
◇◇———◇◇
Sharon C. Taylor
◇◇——◇◇◇
Gregory E. Aliff
◇◇———◇◇
Jane M. Kenny
◇◇———◇◇
James H. DeGraffenreidt, Jr
◇◇———◇◇
Peter C. Harvey
◇◇———◇◇
M. Susan Hardwick
◇◇———◇◇
Thomas C. O'Connor
◇◇———◇◇
Michael A. O'Sullivan
◇◇———◇◇
William T. Yardley
◇◇———◇◇
Stephen D. Westhoven and Amy B. Mansue served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board equity retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Nominating and governance member◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Atmos Energy Corporation ATO
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • Chesapeake Utilities Corporation CPK

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025January 21, 2026=◇◇◇
2024January 21, 2025=◇◇◇
2023January 24, 2024=◇◇◇
2022January 25, 2023=◇◇◇
2021January 26, 2022=◇◇◇
2020January 20, 2021=◇◇◇
2019January 21, 2020=◇◇◇
2018January 23, 2019=◇◇◇
2017January 24, 2018=◇◇◇
2016January 25, 2017=◇◇◇
2015January 20, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact New Jersey Resources disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where New Jersey Resources sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
283 figures on this page: 272 cited to the filing that reported them, 11 calculated from figures it prints.
272 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001140361-26-002201
  2. 0000356309-25-000096
    CEO Pay Ratio · Director Compensation · Fiscal Year 2025 Director Compensation · Grants of Plan-Based Awards · and 2 more sections
  3. 0001140361-25-001845
  4. 0001140361-24-004295
  5. 0001140361-23-003323
  6. 0001140361-22-003298
  7. 0001206774-21-000196
  8. 0001206774-20-000229
  9. 0001206774-19-000224
  10. 0000356309-18-000049
  11. 0000356309-17-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000356309-16-000144
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “New Jersey Resources executive compensation, FY2025.” https://intel.velarion.ai/comp/NJR (accessed 2026).
Short form: data: Velarion

The New Jersey Resources brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
12 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers New Jersey Resources discloses

The companies named in NJR's own disclosed peer group.

Atmos Energy CorporationAvista CorporationBlack Hills CorporationChesapeake Utilities Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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