Progress CEO out, gets up to $10.3M after mergerCHARLOTTE, N.C. (AP) — The Progress Energy chief executive whose sudden departure was announced hours after the merger creating America's largest electric utility is getting a big payout. Duke Energy reports to the Securities and Exchange Commission that it's paying former Progress Energy CEO Bill Johnson as much as $10.3 million. Johnson was supposed to become CEO of the combined company Tuesday, but resigned suddenly. Johnson last week signed a three-year employment contract that was supposed to take effect Tuesday. Duke said in the securities filing previously reported by The Charlotte Observer that Johnson gets a severance payout of $7.4 million, 2012 bonus of $1.4 million, and a lump sum of up to $1.5 million. Duke Energy CEO Jim Rogers will continue in that role as head of the expanded company. |
Most PopularWhat's On TonightFull Schedule
8:00
hells kitchen
9:00
does someone have to go
|
Most Popular