Caroline Dorsa, a senior vice president at Merck & Co. Inc. and a member of the Public Service Enterprise Group board of directors, was named Tuesday as executive vice president and chief financial officer of the Newark-based utility.

She replaces Thomas M. O'Flynn, who is leaving PSEG "to pursue new challenges," the company said in a news release.

O'Flynn, who has been executive VP and CFO since 2001, was rumored to be one of three candidates to replace the retiring James Ferland as chairman and CEO in 2006, but the board of directors selected Ralph Izzo, and O'Flynn remained as CFO.

Dorsa, 49, is the highest-ranking woman at Public Service and will join Kathleen Ellis, the executive vice president and chief operating officer of New Jersey Resources Corp. in Wall - and a former PSEG official - as the highest-ranking female utility executives in the state. Her appointment is effective April 9.

Dorsa, 49, has been senior vice president for global human health, strategy and integration at Merck for the past year. Previously, she held senior-level financial positions at Avaya Inc. and Gilead Sciences Inc.

"Caroline Dorsa has extensive business and financial experience, and I am very pleased that she is joining PSEG as a member of its executive leadership team," Izzo said.

"In her six years as a director of PSEG, Caroline has acquired substantial knowledge about our company and the energy business," Izzo said. "This considerable background will serve us well as she assumes her role as CFO."

In light of her new executive responsibilities, Dorsa will not continue as a director of PSEG.

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E-mail: demarrais@northjersey.com

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