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?