After making do without a permanent chief financial officer for the past month, Charlotte, N.C.-based Duke Energy (NYSE:DUK) finally has a new CFO.
Duke announced Tuesday that it has promoted chief accounting officer Steve K. Young to the position of CFO, replacing former CFO Lynn J. Good, who was promoted upstairs to the position of chief executive officer on July 1. Commenting on her replacement, Good said, "Steve has a deep understanding of our business. He is forward-thinking, focused on results and collaborates well across the organization. He will maintain a sharp focus on helping the company meet its financial goals."
In a concurrent SEC filing, Duke revealed that young will receive a pay raise to $525,000 annually, plus an annual short-term incentive bonus targeting 50% to 70% of base salary and a long-term incentive bonus targeting 100% to 150% of base salary.