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. Heres a sampling of the public statements Rogers made about the planned executive power-sharing agreement with Progress Energy CEO Bill Johnson:
Well basically, Paul, were 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 hes going to be making the calls ...
Jan. 10, 2011, when asked by an analyst about the agreement with Progress CEO Bill Johnson
Ive gone through all these mergers when I was in the leadership position without laying anybody off. Id like to see that achieved in this merger. I cant predict that, because Im 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 wed win everything, including Id be the CEO. But remember, Ive always been the guy that was paid premiums. Im 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