Reuters: Regulatory News: UPDATE 1-Two Duke Energy board members step down from board

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UPDATE 1-Two Duke Energy board members step down from board Jul 27th 2012, 19:15 Fri Jul 27, 2012 3:15pm EDT July 27 (Reuters) - Two Duke Energy board members resigned from the board on Friday in protest against the utility company's surprise ousting of new CEO Bill Johnson early this month, just hours after it closed the purchase of Progress Energy. Theresa M. Stone and John D. Baker II, who both joined the Duke board from Progress, submitted their resignations and called for the Duke board to immediately set in place a process to find a new CEO to replace Jim Rogers. The quick CEO switch has drawn a sharp rebuke from regulators in North Carolina, who have grilled Rogers and other Duke board members in hearings earlier this month. The Progress representatives who joined the board of the combined company have complained that they were blindsided by the ouster of Johnson, engineered by the carried-over Duke members of the board on July 2 just minutes after the merger closed. In addition to Stone and Baker, two other former Progress board members told the North Carolina regulators last week they were considering resigning. Duke's shares were up 0.3 percent to $67.52 per share on the New York Stock Exchange.

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