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The N. Carolina Utilities Commission said late Friday that it is investigating the shock ouster...

The N. Carolina Utilities Commission said late Friday that it is investigating the shock ouster of Bill Johnson as the CEO of the merged Duke-Progress Energy (DUK), saying it might not have approved the deal had it known about  the new "management structure." The state's AG is asking for documents to ascertain whether consumers were misled. Former Progress directors are furious.
Comments (9)
  • What exactly is the Utilities Commission? Are they really supposed to involve themselves in personnel matters? If they are running the company to any appreciable extent, I would like to know who their members are. I rely on Duke Power dividends in my retirement. Unless I'm satisfied they are astute business people, it might be best to sell my stock.
    8 Jul 2012, 04:09 AM Reply Like
  • old crank: So as a shareholder you are OK with Bill Johnson getting a huge golden parachute deal for doing nothing?
    8 Jul 2012, 09:22 AM Reply Like
  • I believe the answer lies in the broken Crystal River Nuclear Plant owned by Progress Energy. The true cost and/or other problems related to restoring Crystal River to production may have been shaded by PGN, and may have come to light as the merger was closing. See this story for the details http://bit.ly/OKyilZ

     

    I have been a shareholder of both DUK and PGN for years. If the government will get out of the way, DUK will sort this out.
    8 Jul 2012, 09:44 AM Reply Like
  • wait and see what comes out of this before committing any funds to buy DUK.
    8 Jul 2012, 02:08 PM Reply Like
  • Since this news broke, Forbs probably had the best article on this.

     

    http://onforb.es/LHii0q

     

    The concerns have driven down the stock and I'm trying to figure out where its going to bottom to try to double up on my position.

     

    It was hard to believe that a Progress exec would be the new CEO. Why was he removed? It seems overly obvious to me that he would not be the best person to oversee the downsizing of the executive office of the combined company where it was mentioned that over 2,000 Progress employees would be let go.

     

    The overall savings are tremendous. Stockholders and rate payers will benefit in the long run. The Commission would be hard put to reverse the merger. All commentary with the most responsible coming from the Charlotte Observer is that the merger will continue. The cost and pain to reverse the merger would not be a rational decision. There would be no winners.

     

    DUK stockholders should benefit from it in the long run and I encourage others to continue to buy the stock on any further weakness.

     

    Jim Rogers will be in from of the Commission on Tuesday. His personality will shine through - I expect him to do an excellent job. Wednesday may be a pivotal point for the stock.
    8 Jul 2012, 03:04 PM Reply Like
  • On the bright side this will temporarily constrain Rogers from campaigning for Obama.
    8 Jul 2012, 08:53 PM Reply Like
  • down here in Florida the Tampa Bay Times wrote that Johnson from Progress is not highly thought of because of his flub ups with Crystal River Nuclear Power Plants repairs that were so bad the plant was shut down. Then people here don't like having to pay forward via their electric bill for a future nuclear plant. So, maybe he was lured into the new position and of course resigned from Progress and when he made that move then the DUK -Prog Board which was mostly DUK just got rid of him. I don't think he's well liked down here just from the article. I like DUK myself.
    8 Jul 2012, 11:38 PM Reply Like
  • Good to see there's no politics inhibiting the opinions here..:).
    9 Jul 2012, 12:46 PM Reply Like
  • God spare us from a commission
    11 Jul 2012, 02:26 PM Reply Like
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