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As disappointed as I am with this.... have to understand that Duke has every right to do it. Who leads the company is entirely a decision of the board of directors, and even the CEO serves as an employee of convenience. Obviously there were negotiated contracts that protected Johnson financially, but if the BoD wants him out he's gone.

In line with that, all agreements negotiated between Duke and the PUC and FERC are still binding upon Duke, so who runs the company is not their concern. Neither the FERC or PUC have anything to say about who serves as CEO.

It will be interesting to see if the SEC shows any interest, or if the regular ambulance chasers file a class action suit. The simple fact is that the entire deal was put forth to shareholders based upon Johnson continuing as CEO. The SEC could legitimately raise the issue of a fraudulent solicitation....

...but they won't. It's gone through and we live with it. I'm just waiting to see what their first announced dividend is. It SHOULD be close to where the Progress dividend was, but I have a sneaky suspicion that it will be lower.


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