Duke CEO Lasts One Day

Bill Johnson was slated to become Duke Energy Corp.'s new chief executive ever since Duke announced a $26 billion merger with Johnson's former company, Progress Energy Inc. That was 18 months ago. On July 2, the merger and his new position went into effect, and on July 3 (at 12:01 a.m.) Johnson resigned. Apparently, it only took a few hours on the job to realize that Johnson wasn't the right fit for the position. The abrupt change of plans has been called "very odd," but there had been speculation that former chief executive Jim Rogers might not be comfortable relinquishing control over the company. The new board's first meeting on Monday reportedly dissolved quickly into a discussion of management, ending in the decision that Johnson would not stay on as CEO. The one-day chief exec will receive up to $44.4 million in exit payments.