Jim Rogers announces intent to retire from Duke Energy by the end of 2013 Nov. 29, 2012
CHARLOTTE, N.C. -
Duke Energy Chairman, President and CEO Jim Rogers today announced his intent to retire from the company by the end of 2013, which is consistent with the expiration of his employment contract.
Rogers has served as a CEO in the utility industry since 1988. Over that period, he has delivered one of the best average annual total shareholder returns in the industry.
Rogers became president and CEO of Duke Energy following the merger between Duke Energy and Cinergy in 2006. Before the merger, he served as Cinergy's chairman and CEO for more than 11 years. Prior to the formation of Cinergy, he served as chairman, president and CEO of PSI Energy from 1988 until 1994.
"It has been an honor serving as CEO for the past 24 years and working in a dynamic industry that provides an essential service for our customers," Rogers said. "My continuing focus for the remainder of my tenure will be on positioning Duke Energy as a stronger, more efficient organization for many years to come, while continuing to fully realize the significant benefits of the merger for our customers and investors."
"I have worked closely with Jim since 2006 and have always been impressed with his dedication to Duke Energy and its employees," said Duke Energy lead Director Ann Maynard Gray. "He has delivered excellent results for shareholders throughout his career, and the Board of Directors looks forward to continuing to work with Jim to deliver benefits to our customers and investors."
A special committee of the Duke Energy Board of Directors will oversee the recommendation of a successor to Rogers.
About Duke Energy
Duke Energy is the largest electric power holding company in the United States with more than $100 billion in total assets. Its regulated utility operations serve approximately 7.1 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives; the impact of compliance with material restrictions or conditions imposed by regulators; and costs and effects of legal and administrative proceedings, settlements, investigations and claims.
Additional risks and uncertainties are identified and discussed in Progress Energy’s and Duke Energy’s reports filed with the SEC and available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Bob Drennan : 704-382-4070
Bill Currens: 704-382-1603