Raleigh, NC-- Answers are expected about the CEO surprise that's marked the first week of Duke Energy's rise as America's largest electric company.
The North Carolina Utilities Commission is investigating last week's takeover of Raleigh-based Progress Energy by Charlotte-based Duke Energy. The commission hears Tuesday from Jim Rogers, Duke Energy's CEO before and after the merger.
Duke Energy has refused to explain the last-minute decision to reverse plans for Progress Energy CEO Bill Johnson to head the expanded company. But some answers are expected now that the commission that also approves requests to increase electricity rates is asking questions.
Rogers says corporate directors asked him more than a week before the deal closed whether he'd like to continue as CEO, but nothing would be final until the merger closed.
He said directors told him they they didn't like Johnson's leadership style, problems with Progress Energy's closed Florida nuclear plant, and disappointing financial performance at Progress.
State law allows the utilities commission to rescind or alter its 11-day-old decision approving the merger.
You can watch the hearing live on Digtriad.com at 2pm.
Related: Duke-Progress Energy Merger Gets Green Light