make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Duke to NC regulators: CEO's term not guaranteed

READ MORE:
dukeprogress.JPG

EMERY P. DALESIO
AP Business Writer

RALEIGH, NC (AP) -- The man unexpectedly appointed as Duke Energy's CEO says the executive who was supposed to hold the top job was dumped minutes after creating the United States' largest electric company.

Progress Energy CEO Bill Johnson had been designated to head the expanded company, but it was Duke Energy CEO Jim Rogers who ended up getting the job.

Rogers testified Tuesday before the North Carolina Utilities Commission, which is investigating the last-minute switch. Rogers says corporate directors asked him more than a week before the deal closed whether he'd consider staying on as CEO but nothing was final until the merger closed.

He said directors told him they were disappointed in Johnson's authoritarian-like style, ongoing problems with Progress Energy's closed Florida nuclear plant, and disappointing financial performance at Progress.

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 This material may not be published, broadcast, rewritten or redistributed.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

Reply

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.