Duke Energy CEO Resigns After Several Hours On The Job, Receives $44.4 Million Severance Package
Duke Energy CEO Bill Johnson has resigned from his post as the company’s new CEO after only a few hours on the job. For his efforts Johnson will be paid $44.4 million.
Such a quick resignation is unheard of in the energy sector or any sector for that matter. Even more shocking is the “golden parachute” Johnson will receive for his job performance.
According to the Wall Street Journal the former CEO will receive $7.4 million severance, a $1.4 million bonus, a hefty stock deal, and a $1.5 million lump-sum payout which all together totals a whopping $44.4 million.
Bill Johnson held the same CEO position at Progress Energy when his company merged with Duke Energy one and a half years ago. While the company at first planned to hand Johnson the reigns they instead decided at the last-minute to go with Duke CEO Jim Rogers.
Duke Energy’s board of directors decided that Jim Rogers was a better fit because of his focus on consensus based management.
The company’s board of directors says the decision was reached under “mutual agreement.”
In the meantime if there was any bad blood between Bill Johnson and Duke Energy we won’t be hearing about it. Johnson was forced to sign a non-disclosure agreement that prevents him from talking bad about his former employer. Then again why would you talk bad about a company that just handed you more than $15 million per hour.
Is this yet another example of a ridiculous CEO pay structure during a time of massive unemployment?
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Jul 6, 2012
Oh, I don't know, seems fair to me. You know, those guys work hard thing of new ways to screw the customers, the employees, and the stockholders, and still get their bonuses. This guy managed to do it with just a few hours on the job and he's walking away with $44.4 million. I'm sure that took some thought.
Jul 6, 2012
Exactly Jim. Not to mention, that in a Capitalist system there is no maximum wage. Duke can pay anyone whatever it wants – as it should be – regardless of the opinions of armchair economists….
Jul 6, 2012
For 44.4 million, I wouldn't talk bad about Duke Energy! A good choice should have been made from the beginning and stayed with it! Duke Energy won't be at a loss…the consumer will have to pay at the end.
Jul 6, 2012
PLEASE, tell me this is a joke?
Jul 6, 2012
I know what I want to be when I grow up!
Jul 6, 2012
I cant even laugh at that right now, I am still sick at reading this!
Jul 6, 2012
Sounds fair what's that 1/10 of one percent of their profits. For one day of supplying a gas that comes out of the ground naturally.
Jul 6, 2012
Thats f-ing rediculous…
Jul 6, 2012
I'll bet it's hush money…. He knows something they don't want on the street…. Count on it… ;-(
Jul 6, 2012
Dude, no share button?
Jul 6, 2012
CROOKS! Exactly what's wrong in The United States these days
Jul 6, 2012
I get paid once a week and am broke the next day from paying the bills. I must be in the wrong profession.
Jul 6, 2012
It's a horror there's so much stupid money out there I still think 1 million would set me up for life.
Jul 6, 2012
Why is he is give a severance pay that like walking in the front door and out the back and bonus & stock on top it all.Give him his hourly pay and that's it we are the dumb a**'sthat let it happen.
Jul 6, 2012
How the f does that happen
Jul 9, 2012
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Jul 9, 2012
Sweet Jesus! What a setup!
Jul 11, 2012
They can pay whatever and whoever any amount they want the only people who should be complaining are stock holders …
Jul 11, 2012
They can pay whatever and whoever any amount they want the only people who should be complaining are stock holders …
Jul 11, 2012
Do you think he even walked into the office lobby that one day?
Jul 12, 2012
How can that be legal America needs to wake up big business is killing this country greedy bastards
Jul 12, 2012
it's the unions