Long-time Progress Energy CEO Bill Johnson who was expected to lead the new Duke Energy has resigned.
In a press release Tuesday morning, Charlotte-based Duke Energy announced the formal completion of its merger with Raleigh-based Progress Energy. The statement also announced that Duke's board of directors had appointed Jim Rogers as president and chief executive officer of the combined company, effective immediately.
According to the statement Bill Johnson "resigned as president and chief executive officer of the combined company by mutual agreement."
When the merger was announced in January 2011, both companies said Johnson would become CEO of the country's largest utility. His plan was to move to Charlotte, and various members of Progress Energy's executive team were relocating as well. There was no explanation given as to why he stepped aside.
A conference call is planned for 8:30 this morning to discuss the announcement.