By Liz Enbysk

SGN Managing Editor

The barrage of he-said, she-said and told-you-so continues over the surprise ousting of CEO-for-a-day Bill Johnson, the former Progress Energy chief designated to lead the nation's largest utility formed earlier this month with the merger of Duke Energy and Progress.

All of which took most by surprise, including the North Carolina Utilities Commission which spent several hours Tuesday afternoon grilling Rogers about the sudden CEO switch – as in, what did you know and when did you know it? And more to the point, was the commission deliberately kept in the dark?

What Rogers' lengthy testimony revealed in a nutshell is that the new board had developed a loss of confidence" in Johnson's ability to lead the new company, for a variety of reasons which you can read about in this Associated Press report. No decision or definitive next steps came out of the Tuesday hearing, but it doesn't appear the commission's investigation is over and there was some indication it might call Johnson in to provide his side of the story.

If four hours in front of regulators wasn't enough of a hot seat, on Wednesday Rogers "held a two-and-a-half hour meeting with Progress employees who were no doubt still reeling not only from Johnson's abrupt departure but also the news that three senior execs who had worked closely with Johnson had also resigned. The Times-News has an account of what some have characterized as Rogers' "cool reception" at the employee meeting and a Wall Street financial analyst's prediction "that the fallout from Johnson's firing will cost the company dearly."

Meanwhile, NC regulators and Progress employees aren't the only ones asking questions:

·         The North Carolina cities of New Bern and Rocky Mount are requesting a rehearing to get the Federal Energy Regulatory Commission to overturn its approval of the Duke-Progress merger.

·         North Carolina Attorney General Roy Cooper, noting that the sudden CEO switch put the new company on "credit watch," has launched an investigation to ensure consumers are protected.

·         The Boston-based law firm of Block & Leviton, representing investors, says it is investigating possible breaches of fiduciary duties by Duke's board.

And other voices are adding perspective:

·         Bloomberg -  Duke’s Almost CEO Was a Good Leader: Ex-Progress Director

·         News & Observer – No utility in probing the ouster

·         Fortune - Duke CEO on turnover turmoil: Hey, it happens

·         The Motley Fool – Why Did Duke Sever its Head?

Thoughts on what all of this means to the industry at large? Use the Talk Back comment form below to weigh in.