Duke Energy Says Johnson Resigns as CEO, Rogers to Remain

Duke Energy Corp. (DUK) (DUK) said Bill Johnson won’t take over as chief executive officer as planned after its $17.8 billion takeover of Progress Energy Inc. (PGN) (PGN) Instead, James Rogers will continue as chairman and CEO of the combined companies.

Johnson, who was Progress’s CEO, resigned after the deal closed yesterday, the Charlotte, North Carolina-based utility owner said in a statement today.

"Rogers is back in charge" of newly-merged utility giant.

Duke announced the Progress takeover in January 2011 and said that Rogers, 64, would become executive chairman of the company with Johnson serving as president and CEO. That plan was scrapped under a “mutual agreement” between Johnson and the company. Duke declined to comment further on the change.

Read full article by Jim Polson and Julie Johnsson via Bloomberg News in BUSINESS WEEK