Duke Energy (NYSE:DUK) President and CEO Jim Rogers is to step down from his positions, according to a press release posted on the company's web site. He will leave the company by the end of 2013, which Duke says is "consistent with the expiration of his employment contract."
Rogers became president and CEO of the company in 2006. Prior to that, he was chairman and CEO of Cinergy, following a tenure as chairman, president, and CEO of PSI Energy. Both Cinergy and PSI Energy have since been merged into Duke Energy.
Rogers oversaw one particularly controversial merger, a 2011 union with Progress Energy. In January of that year a new CEO for Duke Energy, Progress CEO Bill Johnson, was named, but he resigned the day after the merger was closed and less than a week after signing an employment contract for the position. Johnson was to receive exit payments totaling as much as $44.4 million after his resignation.
In addition to the news of Rogers leaving his positions, Duke Energy announced that it had filed a settlement with the North Carolina Utilities Commission resolving "all issues" related to Johnson's brief tenure as CEO.
North Carolina-based Duke Energy is the largest electric power holding company in the U.S., with around 7 million customers.
Eric Volkman has no positions in Duke Energy. The Motley Fool has no positions in Duke Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.