Dive Summary:

• Johnson, who was only briefly Duke’s CEO after its merger with Progress energy, is named in the suit, as is his replacement Jim Rogers and 10 independent directors of the board.
• The suit points out that Rogers was paid about $8.8 million in annual compensation for 2010 and 2011, while Johnson is receiving almost five times that amount in what the suit describes as an attempt “to pay Johnson off.”
• If the lawsuit is successful, Johnson could be called to return the money to the company and the other defendants would have to pay damages for the harm done following his unexpected dismissal.

From the article:

A Duke Energy shareholder has filed a lawsuit on the company’s behalf complaining that the “excessive and unwarranted compensation” paid to former ousted Chief Executive Bill Johnson in a severance package valued at nearly $44.5 million harms the company.

The suit names Johnson, Duke CEO Jim Rogers and 10 independent directors of the board formed when Duke completed its $32 billion merger with Progress Energy. ...