Deal Pays Ex-Duke Energy CEO $10 Million

Deal Pays Ex-Duke Energy CEO $10 Million Written by Josh Zach ?? Wednesday, 04 July 2012 11:44 (RALEIGH) -- The former chief executive officer of Progress Energy, Bill Johnson, will receive severance benefits exceeding to $10 million following his resignation as CEO of the new Duke Energy.

In a news release issued on Tuesday by Duke energy, Johnson resigned "by mutual agreement" after the marriage of Duke and Progress Energy was officially completed. A filing with the Securities and Exchange Commission says the board accepted his resignation on Monday and voted that evening to appoint Jim Rogers, Duke?s CEO before the merger, to the top spot of the new Duke Energy, the largest electric utility in the country.

The filing says Johnson agreed to release of any claims he might make against Duke. Additionally, he consented to cooperate in the transition, and agreed not to compete against Duke or disparage the company. In return, the company agreed he would be paid severance under his Duke employment agreement as if he had ?good cause? to resign.

The filing does not say why Johnson chose to exit the post.

Source: http://www.ncnn.com/business/8037-deal-pays-ex-duke-energy-ceo-10-million

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