Duke Energy Investors Sue Over Progress CEO's Ouster

Law360, New York (July 17, 2012, 5:57 PM EDT) -- Duke Energy Corp. crippled its credibility and its business prospects by ousting Progress Energy Inc. CEO Bill Johnson in a boardroom coup hours after the power companies completed a $26 billion merger, according to a shareholder derivative action filed Monday in Delaware Chancery Court.

As part of the companies' merger plan, first announced in 2011, Johnson was to head the new company, with Rogers giving up his CEO and president titles to become executive chairman. But just hours after the companies secured all the necessary approvals...
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