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Per the merger agreement between Progress and Duke, he was slated to become CEO of the new combined company. Within an hour after the merger closed, he was removed as CEO by the new board, the majority of whom were legacy Duke Energy board members. [9] The Los Angeles Times estimated that Johnson received $44 million as severance pay. [10]
Prior to its merger with Duke Energy, it was a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Headquartered in Raleigh, North Carolina , Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida .
Duke Power merged with PanEnergy, a natural gas company, in 1997 to form Duke Energy. [11] The Duke Power name continued as the electric utility business of Duke Energy until the Cinergy merger. Duke Energy Field Services near Palestine, Texas .
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Carolina Power & Light (CP&L), later doing business as Progress Energy Inc., was an electrical generation, transmission, and distribution utility based in Raleigh, North Carolina. The company was founded on July 13, 1908 as the result of the merger and buyout of numerous small, private, and financial distressed utilities across the state.
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William States Lee III, popularly known as Bill Lee (1929 – July 10, 1996) was an American business executive at Duke Power Company, known as the cofounder of the Institute of Nuclear Power Operations and initiator of the World Association of Nuclear Operators. In 1988 he was the recipient of the Henry Laurence Gantt Medal.
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