Duke Energy Corporation has completed its merger with Progress Energy, it announced 3 July. The new company known as Duke Energy will remain headquartered in Charlotte, North Carolina.
In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy, creating the country’s largest electric utility as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.
Duke Energy’s newly constituted board of directors has appointed Jim Rogers as president and chief executive officer of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company’s board. Bill Johnson has resigned as president and chief executive officer of the combined company, 'by mutual agreement,' Duke said.