From the Charlotte Observer:
Progress Energy CEO Bill Johnson condoned a culture that clashed with the one he was intended to lead at Duke Energy, Jim Rogers said Tuesday. Johnson wasn’t clear about the status of insurance coverage for a crippled nuclear plant. Progress’ earnings had slumped.
Under skeptical questioning by a clearly irritated N.C. Utilities Commission, the Duke CEO depicted a cascade of events leading to Johnson’s surprise ouster hours after the $32 billion merger closed July 2.