Progress Energy’s new merger with Duke Energy now under scrutiny from attorney general

Both the North Carolina attorney general and the N.C. Utilities Commission have opened their own investigations into questions concerning the surprise departure of former Progress Energy CEO Bill Johnson immediately following the merger of his former company with the larger Duke Energy. The merger had been premised, during deliberations, on Johnson’s becoming the CEO of the newly enlarged Duke Power .According to today’s report in the News & Observer, the key questions are “how long Duke officials had planned to remove Johnson and why they did not disclose information that shareholders, employees, regulators and others considered to be material to their understanding of the merger.”

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