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Bill Johnson didn't become the CEO of the merged Duke-Progress Energy - as originally planned -...

Bill Johnson didn't become the CEO of the merged Duke-Progress Energy - as originally planned - after the board decided at the last minute that he wasn't right for the job, the WSJ reports, although it was clear to some for a while that the arrangement wouldn't work. "Different personalities, different cultures," a source says.
Comments (5)
  • mydogcleo
    , contributor
    Comment (1) | Send Message
     
    I was a victim of a corporate merger in the 80's. It must be a difficult time for senior members of the Progress Energy team, knowing that the Duke team is going to run the corporation "the Duke way".
    6 Jul 2012, 08:50 AM Reply Like
  • chandres
    , contributor
    Comments (3) | Send Message
     
    The biggest pitfall to a successful merger is the blending of the cultures.
    6 Jul 2012, 08:50 AM Reply Like
  • Crookedwood
    , contributor
    Comments (65) | Send Message
     
    A successful merger requires clear and decisive leadership. DUK/PGN stockholders will benefit from the leadership of Rogers. I am happy with the leadership of the board of directors as I hold shares of both companies.
    6 Jul 2012, 11:30 AM Reply Like
  • Rudester
    , contributor
    Comments (2054) | Send Message
     
    I am not at all happy with the way it was handled, the timing of it, and the effect it had on DUK stock today as a result of the news.

     

    Sent a query to Duk's IR and this is what they sent back:

     

    "The new Board of Directors appointed Jim Rogers as president and chief executive officer of Duke Energy. Bill Johnson resigned as president and chief executive officer by mutual agreement."
    6 Jul 2012, 04:23 PM Reply Like
  • frankf60
    , contributor
    Comments (12) | Send Message
     
    I wonder if anybody thinks when they are a little boy or girl, when I grow up I will get a 44M severance for working one day? That is obscene. Obviously that kind of news will have a negative impact on the stock, as it did today. I hope Jim Rogers can deliver the equity to take this bad taste from our collective mouths, except for the mouth of departed CEO Johnson. He's laughing all the way to the bank, having fulfilled that childhood severance dream.
    6 Jul 2012, 05:41 PM Reply Like
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