Duke Energy Tried to Stop Merger, Former Progress Chief Says – NYTimes.com

Duke Energy Tried to Stop Merger, Former Progress Chief Says – NYTimes.com.

Nader Nazemi-William D. Johnson

William D. Johnson said the move to replace him as head of the merged entity reflected soured relations with Duke.

Talk about being stabbed in the back.

RALEIGH, N.C. — Duke Energy tried to back out of a deal to buy Progress Energy as it faced increasing regulatory hurdles, the combined company’s ousted chief said in testimony on Thursday.
At a hearing before North Carolina’s utilities commission, the former executive, William D. Johnson, indicated that the relationship between the companies soured as a result, dooming his tenure as chief of the newly merged utility.
“They wanted the merger. Then they didn’t. Then they couldn’t get out of it, and they didn’t want to be stuck with me, as the person who dragged them into it,” Mr. Johnson said.
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