Rogers' pre-merger words gave no hint to Johnson's quick departure

July 9, 2012 

When Duke Energy CEO Jim Rogers testifies under oath Tuesday before the N.C. Utilities Commission, he will be asked to explain why he repeatedly said over the past 18 months that he would become executive chairman – and not CEO – of the combined company. Here’s a sampling of the public statements Rogers made about the planned executive power-sharing agreement with Progress Energy CEO Bill Johnson:

“Well basically, Paul, we’re going to arm wrestle and you know how big Bill is, and you know the outcome of that. So I would simply say that Bill is going to be the CEO and he’s going to be making the calls ... ”

Jan. 10, 2011, when asked by an analyst about the agreement with Progress CEO Bill Johnson

“I’ve gone through all these mergers when I was in the leadership position without laying anybody off. I’d like to see that achieved in this merger. I can’t predict that, because I’m not going to be in charge.”

Aug. 26, Charlotte Business Journal

“I will become executive chairman of the board of the combined company.”

Sept. 20, testimony with Johnson before the N.C. Utilities Commission

“I mean, if we gave (Progress Energy) a 20 percent premium, that would be an acquisition and we’d win everything, including I’d be the CEO. But remember, I’ve always been the guy that was paid premiums. I’m not used to giving premiums. And I think on closing day, the premium was right about 5 percent. I effectively gave up the CEO job to pay a lower premium. I thought it was better for shareholders.”

Dec. 30, Charlotte Business Journal

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service