Duke-Led Board Ousted CEO

INTRIGUE

Updated Apr. 21, 2017 4:28PM EDT / Published Jul. 07, 2012 11:00AM EDT

Chuck Burton / AP Photo

It was a matter of utility. The ouster of former Progress CEO Bill Johnson from the top job at Duke Energy caused an uproar on Friday. Now it seems Johnson’s ejection came as the result of a boardroom coup led by Jim Rogers, who was chief executive at Duke before the two energy giants merged – a $26 billion deal that closed on Monday. A former director at Progress penned an acid letter to the Wall Street Journal in which he said that not “a single director of Progress would have voted for this transaction as structured with the knowledge that the CEO of Duke, Jim Rogers, would remain as CEO of the combined company.” Johnson lasted only one day on the job.

Read it at The Wall Street Journal

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Duke-Led Board Ousted CEO

Chuck Burton / AP Photo