Uproar Over C.E.O.’s Ouster at Merged Energy Giant – NYTimes.com

Uproar Over C.E.O.’s Ouster at Merged Energy Giant – NYTimes.com.

Progress-Duke-Nader Nazemi

The Shearon Harris nuclear plant, owned by Duke Energy, in New Hill, N.C.

Never trust a word from anyone on Wall Street or in the Business World for that matter. It’s all about betraying the other guy first. This once again shows that even on paper or a verbal agreement does mean anything on Wall Street.

William Johnson-Nader Nazemi

William D. Johnson, the head of Progress Energy, was to become chief executive of Duke Energy following a merger this week.

A former director involved in the merger that formed the nation’s largest electric utility is lashing out at an abrupt leadership change at the combined company.

“This is the most blatant example of corporate deceit that I have witnessed during a long career on Wall Street,” said John H. Mullin III, the former lead director ofProgress Energy, which completed its merger with Duke Energy this week.
James Rogers-Nader Nazemi

James Rogers, the chief executive at Duke Energy, was named head of the merged business.

Duke said Tuesday that it had closed its merger with rival Progress, a $32 billion deal originally struck a year-and-a-half ago. As dictated in the merger agreement, William D. Johnson, the head of Progress, was to become chief executive of the combined company.
But in a news release announcing the deal’s completion, the company’s newly formed board named James Rogers, the chief executive at Duke, head of the merged business and said that Mr. Johnson was leaving the company “by mutual agreement.”
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