The new company will be known as Duke Energy and will remain headquartered in Charlotte, with substantial operations in Raleigh, N.C.
In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy, creating the country's largest electric utility as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.
Duke Energy also recently announced the newly constituted board of directors has appointed Jim Rogers as president and chief executive officer of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the companys board. Bill Johnson has resigned as president and chief executive officer of the combined company, by mutual agreement.
"The new Duke Energy will be better able to serve our 7.1 million customers energy needs in a safe, reliable, affordable and increasingly clean manner," said Rogers, chairman, president and chief executive officer of Duke Energy. "As a combined organization, we will work to deliver benefits to our customers, create value for our shareholders, and enhance the career opportunities of our employees."