Progress Energy CEO ousted after Duke merger

Former board members of Progress Energy are upset the chief executive of the Raleigh-based company, Bill Johnson, was ousted as head of Duke Energy just minutes after the companies merged this week.

Former board member Alfred Tollison Jr. says he felt he was misled about the plans for Progress Energy's chief to head the newly combined company, forming the nation's largest electric utility.

"Just from circumstantial evidence you would have to think it didn't happen overnight, that there was a lot of forethought given to it." said Tollison, who was on the Progress board until the merger was completed.

Duke announced Tuesday that the Charlotte-based company's Jim Rogers was the new CEO, saying Johnson had resigned by mutual agreement. The merger had been completed Monday afternoon.

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- Posted: 2012-07-06 13:03:10

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