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.

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
  Over $7 Million Stolen After CoinDash Initial Coin Offering Hacked Thornz 1 2,795 07-18-2017 10:09 AM
Last Post: oil
  Simply WOW: $10,000 Bitcoin Investment in 2010 Now Worth $200 Million, Gold $9,900 etuHad4 1 2,857 05-30-2017 06:54 PM
Last Post: ohoh7
  USSLiberty Survivor Pres Johnson Ordered US Jets Grounded - Bryce Lockwood Arctic 0 1,147 06-07-2016 08:21 AM
Last Post: Arctic
  Everybody Plays A Fool Sometime - How Long Will The Facade Fool The Mind? Thinker 8 2,782 05-17-2016 05:23 PM
Last Post: Thinker
  GMO HOMICIDE: DEATH BY MCDONALDS from ron johnson silversurfer 1 2,291 05-17-2016 11:08 AM
Last Post: Thinker
  Dilma Out: Brazilian Plutocracy Sets 54 Million Votes on Fire Thinker 0 1,244 05-15-2016 06:35 PM
Last Post: Thinker
  Clinton's Super PAC, Takes a Page from Putin, Spending $1 Million on Online Trolls Thinker 1 1,264 04-22-2016 04:31 PM
Last Post: Thinker
  Dollar Search? Obama to sign executive order to ignite corporate competition Thinker 0 964 04-16-2016 10:30 AM
Last Post: Thinker
  REALIST NEWS - NY Firm Charged With Stealing $95 Million - Who's the fall guy? Thinker 3 1,544 04-04-2016 01:30 PM
Last Post: Thinker
  Softlayer is an IBM company who just blocked the 1.5 million websites Thinker 0 1,218 03-26-2016 10:04 AM
Last Post: Thinker
Shocked Inventions By Teens For "All" People Suppressed By Corporate Greed People4People 3 7,732 03-22-2016 04:06 PM
Last Post: Thinker
  'US trade deals have cost America 5 million manufacturing jobs since 2000' Thinker 0 1,283 03-12-2016 07:35 AM
Last Post: Thinker
  Wireless wake-up call | Jeromy Johnson | TEDxBerkeley silversurfer 2 1,315 03-02-2016 09:23 PM
Last Post: Thinker
  Upstate NY police seize $8.5 million in assets a year without having to prove a crime Thinker 0 1,261 01-15-2016 03:12 AM
Last Post: Thinker
  California Shuts Down 60 Million Dollar Industry That Was To Open TODAY–INDEFINITELY Thinker 1 1,799 11-08-2015 06:53 PM
Last Post: Thinker
  How To Survive A Traffic Stop “I Don’t Answer Questions” -Over 2 Million Views silversurfer 0 1,644 10-20-2015 08:14 AM
Last Post: silversurfer
  EPA Spends $75 Million to Equip 200 Special Agents With Drones, Night Vision Goggles, Thinker 1 1,425 10-14-2015 06:29 PM
Last Post: Thinker
  $61 Million Dollar Settlement Issued for Child Vaccine Injury Thinker 0 1,574 10-09-2015 03:51 PM
Last Post: Thinker
  Perth Mint Sells 3.5 Million 1 oz. Silver Kangaroos in 1 Day silversurfer 0 1,956 10-05-2015 06:13 AM
Last Post: silversurfer
  British police spend £36 million per year on propaganda - tax increase needed! Thinker 2 2,479 09-12-2015 04:17 PM
Last Post: Thinker

Forum Jump:


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