CEO for a day

Intrigue Behind Ouster at Duke Energy

The merger closed Monday, creating a utility giant with former Progress CEO Bill Johnson at its helm. Hours later, the newly merged company's Duke-dominated board met for the first time and threw Mr. Johnson out of the job. It replaced him with Jim Rogers, who had run Duke before the deal and was slated to become the merged company's executive chairman. The boardroom coup was the latest bit of maneuvering by Mr. Rogers, a lawyer who worked his way to the top of one of the country's largest utilities.
NC attorney general launches probe of Duke-Progress Energy merger after CEO change Excerpt:
Johnson last week signed a three-year employment contract that was supposed to take effect Tuesday. Duke Energy reported in a Securities and Exchange Commission filing this week that Johnson is entitled to a severance, bonus and other payments of up to $10.3 million. On Friday, Williams confirmed news reports that Johnson's combined package, including pensions and stock awards, could be worth nearly $45 million.
Comment: I would take that job (CEO for a day!). Nice severance package! Image is B/W still from The Hudsucker Proxy


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