06 Jul '12, 2pm

Duke Energy CEO Bill Johnson resigns after one day, gets $44 million in severance

Duke Energy CEO Bill Johnson resigns after one day, gets $44 million in severance

The headquarters of Duke Energy, where Bill Johnson worked for a bit. (Photo by K. Koukopoulus .) When Duke Energy announced its merger with Progress Energy last year, the two companies agreed that Progress CEO Bill Johnson would assume the same position at the combined company. So he did: On June 27, Johnson signed a three-year contract to helm Duke. When the merger went into effect on July 2, he assumed the position of CEO. And then, on July 3 at midnight, Johnson resigned. The Wall Street Journal : Outsiders considered the turn of events highly unusual. New chief executives almost never quit days after accepting an employment contract, three executive-compensation consultants said. It “is very odd” for a CEO to exit days after taking command, said David Schmidt, a consultant at James F. Reda & Associates, a compensation consulting firm in New York that wasn’t involved w...

Full article: http://grist.org/news/duke-ceo-bill-johnson-resigns-after...

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