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Regulators Force a Shake-up at Duke Energy

After Duke Energy (NYSE: DUK  ) completed its merger with Progress Energy this past summer, Progress' former CEO Bill Johnson was expected to become Duke Energy's new CEO. In a surprise move, however, once the merger was completed, Duke's former CEO Jim Rogers was asked to stay on as head of the new company; Johnson only served for 20 minutes before receiving his severance. Now, the North Carolina Utilities Commission has stepped in and questioned the move, and forced Duke to restructure its leadership, a move normally done by a government agency only when the company in question has done something illegal, which Duke had not. The move has many questioning what the new Duke Energy will look like, and what kind of precedent for government involvement the commission is setting.

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Read/Post Comments (2) | Recommend This Article (3)

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  • Report this Comment On December 03, 2012, at 4:53 PM, patches222 wrote:


    REVERSE THIS 'marxist", obama tactic NOW!! PLEASE!!!

  • Report this Comment On December 04, 2012, at 11:35 AM, Oldtom74 wrote:

    patches222-The last I heard, the North Carolina Utilities Commission was a state agency in, believe it or not, a red state. I am at a loss to see how one could blame the Obama Administration which consists of federal agencies for the activities of a state run agency. Maybe just private corporations in NC need to fear for their safety. :>)

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Related Tickers

10/21/2016 4:01 PM
DUK $78.02 Down -0.40 -0.51%
Duke Energy CAPS Rating: ***
EXC $32.50 Down -0.34 -1.04%
Exelon CAPS Rating: ****