Duke Energy Deception - $44million for a day's work?

by **A Person** » Sat Jul 07, 2012 2:18 pm

Last week the North Carolina Utilities Commission approved a merger between Charlotte, N.C.-based Duke Energy and Raleigh, N.C., Progress Energy - on the understanding that Bill Johnson (of Progress) would be the new CEO of the Merged Duke Energy. Johnson had signed employment papers before the deal was approved.

While the ink was still wet, Bill Johnson was given $44 million to resign (the merger was signed at 4:02 Monday, Johnson was out by 4:22)

While it is easy to get hung up on the payout - after all who wouldn't like a cool $44 million for being fired 20 minutes after starting)- the real issue is the deception (fraud?) around presenting a merger based on one CEO managing the combined companies - and then using company assetts to substitute another. Clearly Duke never had any intention of honoring their merger deal.

Shares of Duke Energy fell 1.5%

Market Watch

by **SouthernFriedInfidel** » Sat Jul 07, 2012 3:45 pm

Nice. Makes one wonder about how ethical they have been internally all this time. I hear stories, from former employees, about how much their offices are like labor camps. Guess it was a good thing for me that I was never looking for a job while they were advertising openings...

by **Liv** » Mon Jul 09, 2012 2:16 am

I'm with Progress, but most of Greensboro is Duke Power.

Apparently I will now have like the US's largest power carrier. Funnnnnn.....

Maybe I'll get some of those free CFLs, Duke was passing out a while back ago.

I wish we'd get one of those power companies that give airline miles for signing up.

Or simply a competitor.