photo ROBERT GUNTER
Bill Johnson, who had been chief executive of Progress Energy Inc., has resigned from the newly merged Duke Energy Corp.
The lead director for Duke Energy Corp.?s board says the company will not have any additional comment on Bill Johnson?s departure as chief executive of the company following its merger with Progress Energy Inc.
Duke (NYSE: DUK) says Johnson?s exit was a mutually agreed decision.
Johnson, who had been chief executive of Raleigh-based Progress, was to become CEO of the combined company under the terms of their merger agreement. He submitted his resignation after the deal was complete.
Duke Energy Ohio provides electric service to about 690,000 customers and natural gas service to about 400,000 customers.
For more on the completion of the Duke Energy/Progress Energy merger, click here for coverage from the Charlotte Business Journal, a sister publication of the Cincinnati Business Courier.
In a conference call Tuesday morning, lead director Ann Maynard Gray emphasized that the decision to accept Johnson?s resignation was accepted by the new board, which is made up of 11 members from the former Duke board and seven from the former Progress board. Johnson declined to comment.
Given that, it may be some time before the reason for Johnson?s resignation is known. One thing to keep an eye on would be the cost estimates for repairing Progress Energy?s crippled Crystal River nuclear plant in Florida.
The 860-megawatt plant has been out of commission since September 2009, when Progress attempted to replace the steam generator during a planned outage for refueling. Progress decided to handle the repairs itself but quickly ran into problems. The concrete walls of the containment building began separating.
Repair efforts failed, and last spring the company announced it would remain closed until 2014. And it said it was considering whether to repair or shut down the plant.
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