Duke CEO Resigns After 1 Day -- With $44.4 Million

By Matt Cantor, Newser Staff

Hours after Bill Johnson became CEO of Duke Energy (DUK), its board sought his resignation -- which it received at 12:01am the day after he took the job.

Such a quick change is practically unknown in US history, the Wall Street Journal notes -- and nearly as shocking is the $44.4 million Johnson's set to walk away with.

The energy firm announced Johnson's selection as CEO a year and a half ago; he had held the same position at Progress Energy, which merged with Duke at that time. Now, however, former Duke CEO Jim Rogers will take the job.

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As the former boss of the bigger company, and as a manager focused on consensus, Rogers was seen as a better fit to combine the companies, insiders say. The decision was made at the new board's first meeting this week. It was the product of "mutual agreement," says a Duke rep.

Johnson hasn't been left hanging financially: His $44.4 million in exit payments includes a $7.4 million severance, a $1.4 million bonus, a hefty stock deal, and a $1.5 million lump-sum payout -- provided he doesn't speak ill of his old employer.



--Written by Matt Cantor of Newser