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Page 2: Read the press release announcing the CEO switch >> It's being called everything from 'corporate deceit' to a 'conscience outage,' but whatever it was, the North Carolina Utilities Commission is expected to hear from Duke CEO Jim Rogers today about why Progress Energy Chief Bill Johnson was sacked (and replaced with Rogers) as CEO of the newly merged companies soon after the deal closed last week.
Having been told during the lengthy hearings and merger approval process that Johnson would be at the helm of the combined companies, the Charlotte Observer says NC regulators want to know when and why the decision to replace Johnson with Rogers was made.
Rogers . A press release issued last week indicated Johnson had resigned "by mutual agreement." (See page 2 for the full press release.)
NC regulators approved the $32 billion merger on June 29, but according to the Observer, they have the authority to “rescind, alter or amend any order or decision” it has made.
A New York Times story said North Carolina's attorney general is looking into documents to see if consumers were misled about the merger.
Some former members of the Progress Energy board of directors have stated publicly that they believe they were misled. John H. Mullin III, the former lead director of Progress Energy, said in a letter to the New York Times: "As a non-continuing director of the combined company, I now, along with similarly situated former directors of Progress, find myself without a constituency and without an ability to mount a challenge to what I believe is one of the greatest corporate hijackings in U.S. business history."
Stay tuned.
Page 2: Read the press release announcing the CEO switch >>
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