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New Jersey Resources Executive Compensation (FY25)

NJR · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Stephen Westhoven
Latest say-on-pay support
=
January 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): January 23, 2026
16 filings cited on this page
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397 figures on this page: 386 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Stephen Westhoven: $7,208,109 → $6,433,253 (10.7% lower)
Say-on-pay support: 97.5% → 97.0% (0.5 points lower)
CEO pay ratio: 45:1 → 43:1 (4.4% lower)

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. Westhoven's total moved 10.7% lower from the $7,208,109 reported for fiscal 2024.
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 2022
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
◇—◇—◇—◇◇
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
◇—◇—◇—◇◇
Roberto Bel
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2023
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
◇—◇—◇◇◇◇
Amy Cradic
Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs
◇—◇—◇—◇◇
Lori DelGiudice
Senior Vice President, Human Resources
◇◇◇—◇—◇◇
Roberto Bel
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Richard Reich
Senior Vice President and General Counsel
◇—◇—◇◇◇◇
Median Employee
Chief Executive Officer
◇◇——◇—◇◇
Fiscal 2024
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
◇—◇—◇◇◇◇
Richard Reich
Senior Vice President and General Counsel
◇—◇—◇◇◇◇
Amy Cradic
Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs
◇—◇—◇—◇◇
Roberto Bel
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
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 CradicRSU◇——◇——◇
Amy CradicPSU◇◇◇—◇—◇
Amy CradicPSU◇◇◇—◇—◇
Patrick J. MigliaccioRSU◇——◇——◇
Patrick J. MigliaccioPSU◇◇◇—◇—◇
Patrick J. MigliaccioPSU◇◇◇—◇—◇
Richard ReichRSU◇——◇——◇
Richard ReichPSU◇◇◇—◇—◇
Richard ReichPSU◇◇◇—◇—◇
Roberto F. BelPSU◇◇◇—◇—◇
Roberto F. BelPSU◇◇◇—◇—◇
Roberto F. BelRSU◇——◇——◇
Stephen D. WesthovenRSU◇——◇——◇
Stephen D. WesthovenPSU◇◇◇—◇—◇
Stephen D. WesthovenPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
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
Stephen WesthovenRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Patrick MigliaccioRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Amy CradicRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Roberto BelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Richard ReichRSU◇◇——
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.

Severance and change in control

The terms as written in the agreements.
Amy Cradic
Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs · Change-in-control agreement
Severance cash amount◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Patrick Migliaccio
Senior Vice President and Chief Operating Officer, NJNG · Terms as described in the company’s compensation discussion
Severance cash amount◇
Benefits continuation on change in control◇
Benefits continuation◇
Richard Reich
Senior Vice President and General Counsel · Severance agreement
Severance cash amount◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Roberto Bel
Senior Vice President and Chief Financial Officer · Change-in-control agreement
Severance cash amount◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Stephen Westhoven
President and Chief Executive Officer · Terms as announced by the company
Clawback◇

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
◇◇———◇◇
Amy B. Mansue and Stephen D. Westhoven 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.
Earlier years are included in the PDF.
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 cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Board meeting fee◇
Committee meeting fee◇
Stock ownership guideline: All non-employee directors are required to own shares of our Common Stock with a market value equal to five times the annual cash retainer.

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.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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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.
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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.
397 figures on this page: 386 cited to the filing that reported them, 11 calculated from figures it prints.
386 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001140361-26-002201
    Item 2 : The Company’s shareowners approved a non-binding advisory resolution approving the compensation of the Company’s named executive officers, by the votes set forth in the table below: For Again
  2. 0000356309-25-000096
    CEO Pay Ratio · Director Compensation · Fiscal Year 2025 Director Compensation · Grants of Plan-Based Awards · and 2 more sections
  5. 0001140361-25-001845
    Item 2 : The Company’s shareowners approved a non-binding advisory resolution approving the compensation of the Company’s named executive officers, by the votes set forth in the table below: For Again
  6. 0000356309-24-000085
    Summary Compensation Table
  7. 0001140361-24-004295
  8. 0001308179-23-001081
    Summary Compensation Table
  9. 0001140361-23-003323
  10. 0001140361-22-003298
  11. 0001206774-21-000196
  12. 0001206774-20-000229
  13. 0001206774-19-000224
  14. 0000356309-18-000049
  15. 0000356309-17-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  16. 0000356309-16-000144
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This page is free to cite. Attribution we ask for:
Velarion, “New Jersey Resources executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NJR (accessed 2026).
Short form: data: Velarion

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16 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

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

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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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