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RALEIGH, NC (AP) — Former board members of Progress Energy are upset the chief executive of their company, Bill Johnson, was ousted as head of Duke Energy just hours after the companies merged.

Former board member Alfred Tollison Jr. says he felt he was misled about the plans for Progress Energy’s chief to head the newly combined company.

Duke’s Jim Rogers is now CEO of the company. Duke announced the change Tuesday morning. The merger had been completed Monday afternoon.

The North Carolina Utilities Commission is now considering whether to investigate the change in leadership.

Standard & Poor’s Financial Services said Wednesday it has put Duke on a watch list for a potential credit downgrade because Johnson was removed.

Duke spokesman Tom Williams says the utility looks forward to resolving those concerns soon.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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