Duke Energy Kicks Out New CEO After 20 Minutes, Pays Him $45 Million

Duke Energy Kicks Out New CEO After 20 Minutes, Pays Him $45 Million

Two weeks ago, regulators approved the merger of two utility companies, Duke Energy and Progress Energy, both based in North Carolina. The merger of smaller Progress with larger Duke created the largest electric utility in the United States. Progress Energy CEO Bill Johnson was approved as CEO of the merged company. It was all very corporate and mundane until the corporate intrigue started. Johnson was on the job for about twenty minutes before board members from the Duke side asked for his resignation, replacing him with Duke CEO Jim Rogers. Not that there’s any need to cry for Johnson: he’ll get $45 million for that twenty minutes of work, and for keeping his trap shut about why he was ousted. [More]