IBJNews

Duke Energy names CFO to replace Rogers as chief exec

Back to TopCommentsE-mailPrintBookmark and Share

Duke Energy Corp. on Tuesday named Chief Financial Officer Lynn Good to be its next CEO, replacing former Indiana utility executive Jim Rogers, who had agreed to retire as head of the largest U.S. utility owner by the end of the year under an agreement with North Carolina regulators.

“Our unanimous support of Lynn as our next president and CEO clearly demonstrates that the board is united in its vision for the company and its confidence that Lynn is the best leader to move Duke Energy forward,” board member Jim Hyler said in a prepared statement. Rogers has been chairman and CEO of Duke for seven years.

Rogers, 65, agreed in November to step down under a settlement with state regulators investigating a leadership change hours after Charlotte, N.C.-based Duke’s $17.8 billion purchase last year of Progress Energy. After losing his role as CEO, Rogers was reinstated as head of the merged companies after a split board voted to remove Progress’s Bill Johnson.

Good, 54, will take over on July 1. She has been CFO since July 2009 and joined a predecessor company in 2003 after working at Deloitte & Touche LLP and Arthur Andersen LLP.

Rogers will continue as chairman until the end of the year. The board plans to decide on a chairman-elect from among its independent directors in “the coming weeks,” and that person will take over as chairman on Jan. 1, the company said.

Rogers, 64, has a history of coming out on top in mergers. He was CEO of Plainfield-based PSI Resources Inc. when it was acquired in 1994 and went on to become CEO of the merged company, Cincinnati-based Cinergy Corp.

He took over as CEO of Duke in 2006, after the company bought Cinergy, where he’d served for 11 years as chairman and CEO. Duke supplies power to about 7.2 million U.S. customers and owns utilities in six U.S. states. It also has power plants in seven Latin American countries.

The company decided in February to permanently shut down the Crystal River nuclear power plant in Florida after deciding the risks and costs of fixing the reactor outweighed the benefits. Earlier this month, it began operations at the Edwardsport power plant in Indiana, a $3.2 billion coal-gasification project that was delayed and over-budget.

The announcement was made before the start of trading on U.S. markets. Duke shares rose 1 cent, to $67.65 each, Monday. The shares have gained 6 percent this year.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. This is still my favorite Mexican restaurant in town. What I do love about the new version is it is much quieter than the most recent version. TV's were off, the music wasn't too loud, and the wait staff were not hyperactive like they had been the past few times I had been there. I just wish they would bring back the MOLE for the enchiladas!

  2. Not a bad paper. There is a need for local community news and city government issues. Don't really need the owner's constant national political rants. We all know where they stand by now.

  3. What nice people. Menard should've known better than to team up with the guy who robbed and drove Conseco to ashes. I'm surprised Timothy Durham isn't involved in this.

  4. Hello, I am Maris Peters, currently living in Texas city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in August 2014 and i needed to refinance and pay my bills. I tried seeking loans from various loan Companies both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $65,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm or company with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr William David. He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: Davidloanfirm@yahoo.com

  5. It is beyond me how anyone can think this was a "bad deal" for the state! If they could take the money back then, yes, but they can't! Protections were built in the agreement. Now, if they roll the roads up and take them away, I will agree that it was a bad deal. Otherwise, the only way to have paid for the infrastructure that was badly needed was for the state to issue bonds....that is a four letter synonym for debt folks!!

ADVERTISEMENT