NEW YORK — Duke Energy Corp., the nation's largest electric utility since its merger last year with Progress Energy, named chief financial officer Lynn Good to replace Jim Rogers next month as CEO.
Rogers, 65, will retire July 1. He agreed to step down by the end of the year as part of a settlement with North Carolina regulators after the contentious takeover of Progress Energy.
Rogers has spent the past year working to clean up a number of problem spots within the company and provide a relatively fresh start for Good. The company decided to close the damaged Crystal River nuclear plant that it inherited in the Progress acquisition.
Now it will fall to Good to continue to repair some key relationships. Good, 54, has been working under Rogers since she joined Cinergy, a Duke predecessor company, in 2003. She has been Duke's CFO since 2009.
Good said integration of the two companies has been helped by Duke and former Progress employees working together on major projects. That includes the recent rate cases in North Carolina and the service restoration work after 700,000 customers were left without power after last week's storms.
Good said one of her top priorities as CEO will be to find ways to keep company profits rising by looking for ways to cut costs and grow the company even without rising electricity sales.