Ousted Duke Energy CEO, board members to testify in hearings

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Ousted Duke CEO Bill Johnson will have a chance to tell his side of the story to the N.C. Utilities Commission next week.

The N.C. Utilities Commission has called former Progress Energy, Inc.? ? Progress Energy, Inc. Latest from The Business Journals Finger-pointing over DNC fundraising aimed at Jim RogersDuke Energy board testimony could break legal groundTestimony from Duke Energy board could break legal ground Follow this company Chief Executive Bill Johnson ? who was briefly CEO of Duke Energy Corporation? ? Duke Energy Corporation Latest from The Business Journals Testimony from Duke Energy board could break legal groundCould Duke Energy-Progress merger be rescinded?Johnson might get .7M after leaving Duke Energy Follow this company ? and four members of Duke?s board to testify in two days of hearings next week on Johnson?s ouster from the top job at the company.

Duke CEO Jim Rogers testified to the commission this week, giving his version of how the board came to reappoint him as chief executive to succeed Johnson. Now the commission wants to talk to Johnson about the events in a hearing set for July 19.

It has also ordered James Hyler and Marie McKee ? members of the Duke (NYSE: DUK) board who had been on Progress? board before the merger of the two companies ? to testify that same day.

Records demanded

On July 20, the commission wants to hear from Ann Maynard Gray and Michal Browning, members of the Duke board before and after the merger.

Immediately after the merger closed at 4:02 p.m. July 2, the new Duke board voted 10-5 to demand Johnson?s resignation and appoint Rogers CEO. All 10 members voting for that measure came from the old Duke board. The five who opposed it had all served on the Progress (NYSE: PGN) board.

The commission also has instructed Duke to produce board meeting minutes and committee meeting minutes dating back to July 1, 2011. It also is demanding copies of all memos, emails and letters that talked about the positions of CEO and president ? the titles Johnson was to hold ? and executive chairman ? which according to the merger agreement, Rogers was to hold after the merger. In addition, the commission ants all emails, regardless of subject matter, that passed between board members ? including Rogers ? since Dec. 1.

John Downey covers the energy industry and public companies for the Charlotte Business Journal.

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