N.C. Utilities Commission will hold hearing, investigate ouster of Progress Energy CEO
The North Carolina Utilities Commission recently approved the merger of Progress Energy and Duke Energy. But the surprise July 2 dismissal of Progress CEO Bill Johnson has been decried as a lack of good faith and the Utilities Commission has scheduled a July 10 hearing on the matter. The North Carolina attorney general is also investigating.
Per the terms of the merger, Johnson was supposed to become CEO and president of the newly merged company. Instead, Duke Energy appointed Jim Rogers.
Carolina Public Press reported, "The N.C. Utilities Commission launched an investigation Friday into the actions of Duke Energy following the July 2 approval of a merger between Duke Energy and Progress Energy. ... '“The commission was not informed by the applicants (Duke Energy and Progress Energy) at any time prior to July 3 that Rogers would replace Johnson as president and CEO of Duke,'” the order states."
The Raleigh News&Observer
reports, "Troubles continued mounting for Duke Energy on Friday as the state attorney general and the N.C. Utilities Commission opened separate investigations of the Charlotte-based power company’s ouster of Bill Johnson as CEO. ... His exit stunned employees and prompted charges of betrayal and deception by several former Progress board members whose approval of the merger was based on Johnson leading the combined company." (Read more here: http://www.newsobserver.com/2012/07/06/2183454/as-ceo-scandal-spreads-nc-attorney.html#storylink=cpy