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.
“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.
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.”
- Bag This Cheap Energy Stock Even Lower Than President and C.E.O. Dickerson Did (forbes.com)
- C.E.O. or Not, You Always Need Feedback (nytimes.com)
- Duke Energy’s CEO move sparks anger, questions (charlotteobserver.com)
- Duke Energy Completes Massive Utility Merger, But Presumed CEO Out (blogs.barrons.com)
- S&P puts newly merged Duke Energy on credit watch (charlotteobserver.com)