Board of Directors Appoints Jim Rogers President and Chief Executive Officer of Combined Company, Bill Johnson Resigns by Mutual Agreement
Duke Energy Corporation confirmed the closing of its previously announced merger with Progress Energy Inc., effective July 2, 2012.
The new company will be known as Duke Energy and will remain headquartered in Charlotte, with substantial operations in Raleigh, N.C. Duke Energy.
In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy, creating the country’s largest electric utility as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.
Duke Energy also announced the newly constituted board of directors has appointed Jim Rogers as president and chief executive officer of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company’s board. Bill Johnson has resigned as president and chief executive officer of the combined company, by mutual agreement.
“The new Duke Energy will be better able to serve our 7.1 million customers’ energy needs in a safe, reliable, affordable and increasingly clean manner,” said Rogers, chairman, president and chief executive officer of Duke Energy. “As a combined organization, we will work to deliver benefits to our customers, create value for our shareholders, and enhance the career opportunities of our employees.”
Rogers continued, “Over the last several months, team members from Duke Energy and Progress Energy worked diligently to ensure we hit the ground running today – day one. I’d also like to thank the regulatory and legal teams that were instrumental in getting us over the finish line.
“I look forward to working together with the executives from Progress and all employees of the combined company to ensure we are constantly striving to improve our levels of safety, operational excellence and customer satisfaction,” he added. “I am committed to the successful execution of our strategy and am pleased to move forward as one company.”
“Having served as CEO of Duke and its predecessor companies for more than 23 years, Jim Rogers is well-suited to lead the integration effort and to drive our combined businesses forward,” said Ann Maynard Gray, lead director of Duke Energy’s board of directors. “The board of directors looks forward to working with Jim and the rest of the executive team to enhance our position as a utility with financial strength and a greater ability to meet the needs of our customers.”
Ms. Gray continued, “Bill Johnson has been instrumental in helping us close the merger with Progress Energy, and we wish him well in his future endeavors.”
Source: Duke Energy