Duke, Progress complete merger; Progress CEO out - FOX Carolina 21

Duke, Progress complete merger; Progress CEO out

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Duke Energy's logo is seen on a sign outside a Spartanburg facility. (File/FOX Carolina) Duke Energy's logo is seen on a sign outside a Spartanburg facility. (File/FOX Carolina)
CHARLOTTE, NC (AP) -

Duke Energy said it has completed its merger with Progress Energy of Raleigh, forming the nation's largest electric company.

But Charlotte-based Duke said Tuesday that Progress CEO Bill Johnson has left the company by what it said was "mutual agreement."

The board of directors of the new $32 billion company chose Duke CEO Jim Rogers as president and chief executive.

The Charlotte Observer reported that Johnson had said last month that he was looking for a house in Charlotte and planned to start work at the new corporate headquarters Monday.

Duke won federal approval for the merger on June 8. The North Carolina Utilities Commission voted in favor of the deal last week. South Carolina's Public Service Commission approved an agreement Monday.

Copyright 2012 The Associated Press. All rights reserved.

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