Duke Energy Chairman, President and Chief Executive Officer Jim Rogers has announced he will retire from the company by the end of 2013.
Rogers was appointed CEO just hours before the Progress Energy Inc. and Duke Energy Corp. merger in July — surprising many who expected Progress CEO Bill Johnson to take over the combined company.
The last-minute switch drew the attention of state and federal regulators, who have been investigating Duke documents and communications to see if the company misled the North Carolina Utilities Commission (NCUC) before the merger.
Rogers’ resignation comes as part of Duke Energy’s settlement with NCUC, though the commission has not yet officially accepted its terms.
As per the NCUC proposed agreement, Duke will create a special committee to oversee Rogers’ successor, as well as the appointment of two new board members.
Duke Energy must also agree to several other merger commitments, including the maintenance of at least 1,000 employees in Raleigh, N.C., a guaranteed US$25 million in fuel and fuel-related cost savings to North Carolina customers, and $5 million to support workforce development and low-income assistance in North Carolina.
Duke has also agreed to retain the former general counsel of Progress Energy to advise the company for two years on regulatory and legislative matters in North Carolina.
The settlement agreement can be viewed in full on the NCUC’s website here.