Dive Summary:
- In a statement to Duke Energy, Theresa M. Stone expressed her disappointment in the abrupt restructuring of Duke’s upper brass.
- John D. Baker II had similar sentiments, commenting that the board should make haste in replacing James Rogers, who had been appointed under somewhat questionable circumstances after the sudden dismissal of former Progress chief William D. Johnson.
- Duke later released a statement saying that it had accepted the resignations of the two members and that its corporate governance committee would make a recommendation on how to fill the vacancies.
From the article:
Two former Progress Energy directors resigned in protest from the Duke Energy board on Friday and said the company needed a new chief executive to restore confidence among investors and regulators after a boardroom coup this month.
The board members, John D. Baker II and Theresa M. Stone, had each been legacy members from Progress, which completed its $32 billion merger with Duke on July 2, the day that the new board abruptly voted along party lines to oust the former Progress chief, William D. Johnson, as head of the combined company. ...
