The Prince Albert Daily Herald - News - Canada - World - Business

Article

Print
Send to a friend
Comment (0)

Duke energy to give Progress CEO Johnson up to $10.3M after departure from utility giant

Published on July 4, 2012; Published on July 4, 2012

Topics :: Progress Energy , Duke Energy , Securities and Exchange Commission , CHARLOTTE, N.C. , America

CHARLOTTE, N.C. - The Progress Energy chief executive whose sudden departure was announced hours after the merger creating America's largest electric utility is getting a big payout.

Duke Energy reports to the Securities and Exchange Commission that it's paying former Progress Energy CEO Bill Johnson as much as $10.3 million. Johnson was supposed to become CEO of the combined company Tuesday, but resigned suddenly.

Johnson last week signed a three-year employment contract that was supposed to take effect Tuesday.

Duke said in the securities filing previously reported by The Charlotte Observer that Johnson gets a severance payout of $7.4 million, 2012 bonus of $1.4 million, and a lump sum of up to $1.5 million.

Duke Energy CEO Jim Rogers will continue in that role as head of the expanded company.

©

Rate
Top of the page

Submit a comment

Submit a comment Your name* Email* (we keep all emails private) Write your comment here*

Agreement

We ask that users remain courteous. You may not post insulting, discriminatory or inappropriate content, which may be removed at our discretion. We are not responsible for user content and opinions. Use of this site as well as content submission & ownership are governed by our Conditions of Use and Privacy Policy.

Member organizations should be non-profit in nature, and promote legal activities. Any organization found promoting illegal activities or commercial products or services will be deleted from the site.

I agree with these conditions.