Duke Energy CEO Jim Rogers to stepÂ down
Posted on 29 Nov 2012 by Justin Ruckman
From the Associated Press:
RALEIGH, N.C. â€“ Duke Energy CEO Jim Rogers to step down in settlement with NC regulator over merger dispute.
The â€śmerger disputeâ€ť, of course, refers to the state investigation over its merger with Progress Energy, not to mention the recent flip-flip involving Progress CEO William Johnson.
More info as it develops.
Update, from the Observer:
Duke Energy CEO Jim Rogers will retire at the end of 2013 as part of a proposed settlement of the state investigation of Dukeâ€™s merger with Progress Energy.
The agreement among Duke, the staff of the N.C. Utilities Commission and the commissionâ€™s Public Staff, will go before the commission for approval on Monday.
The commissionâ€™s investigation focused on whether Duke misled the panel in abruptly dismissing former Progress chief Bill Johnson to lead the combined companies, now the nationâ€™s largest utility.
Resolving it would remove a regulatory cloud that has hung over the $32 billion merger since its closing July 2. North Carolina is the largest of Dukeâ€™s six states in customer numbers, and Duke is seeking one rate increase by the commission and will ask for another early nextÂ year.
Rogers, 64, has been Dukeâ€™s chief executive since a 2006 merger with Ohio-based Cinergy, which Rogers also led. He is under contract with Duke through 2013.
Under the agreement, Duke does not admit to â€śillegal or improper acts.â€ť
It does agreeÂ to:
â€˘ Make personnel changes, including moving former Progress executive Lloyd Yates, now with Duke, to executive vice president of regulated utilities. Duke would also name a new general counsel and retain former Progress general counsel John McArthur, who resigned after Johnson was fired, as an advisor for twoÂ years.
â€˘ Create a committee to look for Rogersâ€™ replacement and search for two new board members to replace former Progress directors who resigned.
â€˘ Defer the Duke Energy Carolinas rate request, initially expected to come this year, until February.
â€˘ Maintain at least 1,000 employees in Raleigh, the former headquarters of Progress.
â€˘ Guarantee another $25 million in fuel-related cost savings to N.C. customers. Duke previously committed to sharing at least $650 million in post-merger savings with Carolinas customers.
â€˘ Contribute an additional $5 million to N.C. workforce development and low-income assistance in North Carolina.