Pressure is building on Duke Energy Corp.to explain the abrupt departure of Bill Johnson as chief executive this week, as former Progress Energy board members break their silence and express outrage at what they term a calculated deception.Additional details in the Los Angeles Times.
At the same time, the North Carolina Utilities Commission, which last week approved the merger between Charlotte, N.C.-based Duke and Raleigh, N.C., Progress with the understanding that Johnson would be Duke's CEO, is deliberating whether to investigate Duke officials over possible false statements about their intentions.
For less than a day's work, Johnson is entitled to a hefty exit package that could amount to about $44 million, according to a securities filing...
Details emerged Thursday revealing that Johnson was asked to resign Monday afternoon, shortly after the merger closed that day at 4:02 p.m., suggesting to some that his ouster was choreographed in advance. The merger had received final approval from South Carolina regulators earlier Monday. Johnson signed his employment contract with Duke on June 27, days before the merger closed.
He was CEO of the combined company for about 20 minutes, Mullin said. After the merger closed, Duke's board went into executive session and voted to request Johnson's resignation, Mullin wrote.
18 July 2012
CEO is paid $44,000,000 for one day's work
That's not quite accurate - he actually was CEO of the merged companies for only 20 minutes: