Duke Energy announced Tuesday that Lynn Good, the company’s chief financial officer since July 2009, will succeed Jim Rogers as CEO and president on July 1.
Rogers will continue to serve as chairman of the company’s board of directors until his retirement at the end of the year. Good will also become a member of Duke’s board of directors.
"After a responsible and deliberate selection process by the board of directors, we are delighted that Lynn will become our next president and CEO," said Duke Energy lead director Ann Maynard Gray in a statement. "The selection committee considered several exceptional internal and external candidates and determined that Lynn’s leadership abilities and strategic vision for Duke Energy’s continued growth make her the ideal choice."
Good, 54, worked for 20 years in senior management roles at Deloitte & Touche and Arthur Andersen. In 2003 she joined Cinergy, which merged with Duke in 2006.
"I will work to ensure Duke Energy is positioned to continue its track record of outstanding customer service and operational and financial excellence," Good said in a statement.
Good will receive an annual salary of $1.2 million. She’ll also be eligible for a short-term cash bonus of 125 percent of her annual salary as well as stock grants.
Rogers, 65, had agreed to step down by the end of 2013 as part of the company’s November settlement agreement with the N.C. Utilities Commission over its mishandling of its $32 billion merger with Raleigh-based Progress Energy.
The Utilities Commission launched a 5-month probe in response to Charlotte-based Duke’s firing CEO Bill Johnson just hours after the merger was completed. The Utilities Commission had approved the merger with the understanding that Johnson, who had been CEO at Progress, would lead the combined company, now the nation’s largest electric utility. Instead, Duke reinstated Jim Rogers to the executive suite.
Duke also agreed to pay $30 million and keep at least 1,000 workers in Raleigh for at least five years as part of its settlement with the Utilities Commission.
Rogers was CEO of Cincinnati-based Cinergy before he became CEO of Duke in 2006.
"I have worked closely with Lynn for 10 years, and know she cares deeply about this company, our employees, customers and shareholders," Rogers said in a statement. "I applaud the board’s choice and am eager to work with Lynn on a seamless transition."