Announcments
  • REALIST NEWS: Where you don't have to worry about drama. No Spam posts and STAY ON TOPIC. This is an important news website.
  • Registered Members: You can now "Favorite" any thread. See THIS THREAD

When posting content located on some other website, please post no more than 20% of their content and always provide a link. Also, Multiple forum handles/IDs are NOT permitted.
If you see a spam post please click the "Report" button on that specific post. Also, what I don't want on my forum is name calling and cussing at people or direct insults. Thanks

Post Reply 
 
Thread Rating:
  • 2 Votes - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
William Johnson Plays CEO For A Day, Earns $44 Million In 'Corporate Highjacking'
07-07-2012, 06:36 PM
Post: #1
William Johnson Plays CEO For A Day, Earns $44 Million In 'Corporate Highjacking'
0
0
http://www.huffingtonpost.com/2012/07/06...54733.html

William Johnson Plays CEO For A Day, Earns $44 Million In 'Corporate Highjacking'

One guy just got paid $44 million to be CEO for a day.

In an apparent corporate coup, Duke Energy, an electric power holding company that recently merged with Progress Energy, appears to have reneged on the spirit of its merger agreement with Progress, the Los Angeles Times reports. The merger agreement stipulated that the new company would have Progress' William Johnson as chief executive and Duke's James Rogers as executive chairman, according to The New York Times.

But within hours of the merger's completion and installation of Johnson as CEO of the combined company, the board of directors asked for Johnson's resignation and installed Rogers as the combined company's CEO. For the mere day he served as CEO, Johnson was provided a compensation package which included $44 million, Forbes reports.

Johnson's yet unexplained ouster may have damaged the trust of the combined firm.

In a letter sent to the Wall Street Journal and The New York Times, former top director of Progress John Mullin stated that he viewed the action as "one of the greatest corporate hijackings in U.S. business history" (h/t Forbes).

Standard & Poor's, one of the largest global credit rating agencies, also made known its displeasure at the ouster. The ratings agency put Duke Energy on watch for a possible downgrade, according to Businessweek.

Rogers is expected to meet with the merged company's directors early next week, according to the NYT. Meanwhile, Johnson's compensation is contingent on cooperating with Duke Energy and promises not to disparage the company.


Johnson isn't the first CEO to net a huge paycheck on his way out. Former General Electric CEO Jack Welch took home $417,361,902 when he left the company. In addition, Doug Foshee could have actually gotten paid to not do his job. The CEO of El Paso at the time of the company's merger with Kinder Morgan in October was eligible for an exit package worth $95 million if he left within two years of the acquisition.

99% pays no more credit cards or loans http://www.facebook.com/events/417243574982403/

minhaalma, proud member of Realist News since Mar 2012.
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread Author Replies Views Last Post
  WH Plans to Develop a “Country Within a Country” of 15 Million “New Americans” Thinker 0 131 Yesterday 06:44 PM
Last Post: Thinker
  Democrats Who Stole $16 Million From Aids Charity Thinker 0 48 Yesterday 02:56 PM
Last Post: Thinker
Exclamation Soros, Ford Shovel $196 Million To 'Net Neutrality' Groups, Staff To White House People4People 1 459 02-25-2015 06:38 PM
Last Post: People4People
  An Escape Hatch for Corporate Cons Thinker 1 443 02-25-2015 05:10 PM
Last Post: Thinker
  Filmmaker, Author Suing Corporate Media Over Sandy Hook Conveniently Lands In Jail Thinker 0 525 02-23-2015 05:02 PM
Last Post: Thinker
  America Spending $500 Million On Jobs For Syrian Rebels! Joint Venture With Turkey? Thinker 1 372 02-22-2015 09:21 AM
Last Post: People4People
Exclamation Colorado Hemp Threat To All Corporate Industries, & Lawsuits Now Filed To Stop Sales People4People 1 574 02-21-2015 08:30 PM
Last Post: Thinker
Exclamation Six Million Americans Haven't Signed Up For Obamacare - Govt. Delay's Deadline People4People 2 603 02-21-2015 08:07 PM
Last Post: Thinker
Thumbs Down Almost $1 Million In Winning Lottery Tickets Was Claimed By 46 DEAD People Last Year People4People 0 395 02-20-2015 12:45 PM
Last Post: People4People
  Shell Pays Niger Delta Community $84 Million To Settle Pollution Claims Thinker 0 223 02-09-2015 09:56 PM
Last Post: Thinker
  U.S. proposes effort to analyze DNA from 1 million people Thinker 2 670 02-02-2015 11:45 PM
Last Post: Thinker
Exclamation Biggest Corporate Lay-Off In History? IBM Could Cut 110,000 Jobs People4People 12 954 02-01-2015 09:04 PM
Last Post: fr3d
Exclamation Nearly 3-Million Gallons Of Toxic Waste Spill In N. Dakota, Maybe Missouri River Too People4People 2 286 01-23-2015 12:24 PM
Last Post: Thinker
Information Gold CEO Captured On Bus In $970 Million Laundering Case People4People 0 276 01-21-2015 01:36 PM
Last Post: People4People
  $750 million plan to fight the spread of the Ebola virus Thinker 1 369 01-20-2015 12:22 PM
Last Post: Thinker
  Hedge Fund With $830 Million In Assets Went Bust, & Foreign Bankers Next? Thinker 0 402 01-18-2015 09:49 PM
Last Post: Thinker
  Kiss your home good-bye to corporate loopholes in laws with government support Thinker 1 700 01-18-2015 07:51 PM
Last Post: Thinker
  Colorado Sells $34 Million Of Cannabis: $3.4 Million Goes To Schools, Crime Down 15% Thinker 6 1,390 01-13-2015 02:50 PM
Last Post: Thinker
Thumbs Down How A 'Free' U.S. Army Helicopter Ended Up Costing Newark Police Dept $2 Million+++ People4People 0 336 01-12-2015 10:15 AM
Last Post: People4People
Thumbs Down Peace Games: Aid Agency Plays Out Ebola, Starvation Scenarios People4People 1 454 01-06-2015 02:36 PM
Last Post: Thinker

Forum Jump:


User(s) browsing this thread: 1 Guest(s)