Duke Energy CEO say board lost confidence
RALEIGH, N.C. Duke Energy Corp. CEO Jim Rogers told the N.C. Utilities Commission on Tuesday that former Progress Energy CEO Bill Johnson was pushed out after the companies merged because the combined company's board “lost confidence in his ability to lead.”
Rogers, testifying under oath, said Duke's board developed “an accumulation of concerns” about Johnson's ability to run the combined company. Those concerns covered Johnson's management style, as well as problems at Progress' troubled Crystal River nuclear plant in Florida.
“They felt his style was autocratic and discouraged different points of view,” Rogers said.
Rogers testified that he first heard the extent of Duke directors' concerns about Johnson on June 23. He said he was asked if he would be willing to step back in as CEO, and said he would be willing to do so if that was the board's decision.
He said the combined board voted 10-5 on July 2 to remove Johnson.
The move, coming the same day as the merger closed, took regulators by surprise.
Penney lays off more headquarters workers
NEW YORK J.C. Penney Co. workers are feeling more pain as the department store chain struggles with a transformation.
More than five months into big changes under its new CEO, Penney announced Tuesday that it's laying off another round of workers at its headquarters in Plano, Texas. The 350 workers being cut were primarily in finance, technology, product development and sourcing, according to company spokeswoman Kate Coultas.
American Airlines head open to merger
DALLAS The head of American Airlines says it's time to reach out to potential merger partners or investors, seven months into a bankruptcy restructuring
CEO Thomas Horton said that American has improved its revenue, made progress on cost-cutting labor deals, and is well on its way to a successful restructuring.
“It now makes sense to carefully evaluate a range of strategic options, including potential mergers,” Horton said in a letter to employees. He said options including a merger “could make the new American even stronger.”
Pinterest moves to San Francisco
SAN JOSE, Calif. Pinterest, a social network that has grown faster than anyone – including its CEO and co-founder – expected, is leaving its Peninsula roots for San Francisco.
The Silicon Valley startup will move from Palo Alto, Calif., to San Francisco's South of Market area, or SoMa, a hot location for tech firms where its neighbors will include social-gaming company Zynga. The move was announced Monday by San Francisco Mayor Ed Lee – who has made technology companies a focus of his tenure, including securing new offices for Twitter – and Pinterest CEO Ben Silbermann.
From wire reports