For one day’s work, $44 million is a pretty sizable paycheck.
For a few hours this week, William D. Johnson served as chief executive of Duke Energy Corp. before resigning. His departure package could include $7.4 million in severance, relocation expenses and more, according to a securities filing.
Johnson, formerly CEO of Progress Energy Inc., signed a contract on June 27 to head up Duke for three years. He assumed the position on July 2, when a long-planned, multibillion-dollar merger between Progress and Duke, an electric utility focused in the Southeast, went into effect.
The buyout made Charlotte, N.C.-based Duke the largest power company in the country.
By the next day, through “mutual agreement,” he was out of the C-suite, replaced by Duke’s former chief James Rogers. On a conference call, Duke executives declined to discuss the rationale for Johnson's departure.