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Duke Energy (DUK) fired Bill Johnson after its merger with Progress Energy partly because of his...

Duke Energy (DUK) fired Bill Johnson after its merger with Progress Energy partly because of his autocratic leadership style, CEO Jim Rogers told a hearing of the N. Carolina Utilities Commission yesterday. There were also concerns about Progress' nuclear assets and the utility's poor performance since the deal was announced 18 months ago.
Comments (10)
  • Jim did an excellent job just as I expected. The rally should now continue. I will continue to cost average up on any future buys.
    11 Jul 2012, 05:08 AM Reply Like
  • Jim Rogers is a greedy COE and also an Enviro freak...

     

    He has been in bed with government most of his tenure..He reminds me of the head of GE...
    11 Jul 2012, 05:33 AM Reply Like
  • I strongly agree with you. GE's Jeff Immelt has driven GE into the ground, and OBAMA appointed him to 'help' with US's job growth ? ?
    13 Jul 2012, 12:18 PM Reply Like
  • PGN was carrying much more debt on a percentage basis (55%) compared to DUK (45%), plus PGN had a nuclear problem. PGN was debt-heavy for a decade and no way to recoup. It is probably the directors of PGN who are most upset. The CEO of PGN walked away with $44 million.
    11 Jul 2012, 05:53 AM Reply Like
  • should I sell my Duke stock?
    11 Jul 2012, 08:49 AM Reply Like
  • Don, I would never own a stock, that gives millions to a COE as a golden parasite...
    11 Jul 2012, 10:34 AM Reply Like
  • blueice, you must not own any stock then. That's the way corporations operate nowadays, my friend. No matter how bad you may screw up, or how good you may be, if the 'Boards' want you out, they must (indirectly, at shareholders expense) pay you to leave very handsomely.
    13 Jul 2012, 12:14 PM Reply Like
  • Wasn't it the Board, consisting of DUK & PGN directors who fired Bill Johnson? Jim Rogers may be CEO, but he still has only one vote,
    11 Jul 2012, 09:35 AM Reply Like
  • The Board is (was) composed of 10 to 5 in favor of Duke with Jim Rogers in their (Duke's Directors) back pocket. It is so obvious that the 'move' was planned years in advance by Duke, and to occur after the merger was approved by all of the appropriate Authorities. The NC Commission now realizes that Duke misled them and PGN (Exec's, employees and shareholders). What a devious way to conduct business. Another Enron in the making ?

     

    Standard and Poors has already lowered Duke's Credit Rating.
    11 Jul 2012, 06:19 PM Reply Like
  • Don, I don't see this as a reason to sell DUK. If you've owned shares for awhile you are probably still sitting on a nice gain and collecting a solid dividend. I will add more in the $59-$61 range given the opportunity, especially in this market.
    12 Jul 2012, 09:02 AM Reply Like
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