Legacy Progress Director's Production of Documents (Part 3 ... - NCUC

said. "We wbuld have had to undertake a whole new inyestigatioh, arid that wbulci haveidelayed themerger considerably and might have caused the July 8 [termination] date to kick^in."Gruber said he had not heard from the. commission whether it would investigate the change.NCUC Chairman Ed Finley said in a July 3 statement following Duke's anhouncement.that while hewas surprised ..by Johnson's'announcement, the : commission^ focus will be.on.ensuring that thebenefits the company promised to the state arid to ratepayers wijl Materialize as expected."My understanding based oh Duke and Progress,representatioris in our hearing was that Johrisonwould be GEO of the combined company," Finley said. "His departure ori the same day the.merger isclosed and three days after our order may raise questions in the minds of some as to the timing ofthedecision by those involved in it" 1More important'than management structure arid'succession,.Finley contiriued, is the follow-throughon the promises each company made during the state's merger approval process."The last 18 months or so. have been a time of stress arid .uncertainty for the rrianagement andemployees of both companies,, and we hope with the closing of the merger, with a clearer pathforward, that those resporisible with providing service will hayeTewer distractions," he said. "That isstill our hope. There is significant management talent within the two companies and we hope the bestlineup will fall quickly into place:"The South Carolina Public Service Commission's Office of Regulatory Staff, which supported thecompanies, in the NCUC's review of the deal, a|so was .surprised by the decision but did: not feel thatthe change materially affects the mergerrationale, according to Dukes Scott; who heads the ORS."We've worked with Bill Johnson for several years now, and we've vybrked with Jim Rogers for severalyears now, and we have great respect for both of these gentlemen," Scott said July 3: "Obviously wewere fine with the prospect .of Mr Johnson, but we'd be fine w[th Mr. Rogers as well, ;as far as the,ORS is concerned."Duke's $43B merger doneCincinnati Enquirer, 7.-4-12Duke Energy Corp. and Progress Energy Inc. said Tuesday that they had completed their mergernow valued at $32 billion to form the nation's largest electric company.Little change is expected iri Greater Cincinnati and Northern Kentucky, where Duke has more than1.2 miilion electric and gas customers;and^3,700 employees and 3:300 retired,workers."There's no overiap - Progress is in:the Carolinas and Fiorida:- so there will be no impact to ouroperatioris in Ohio arid, Kentucky," Blair Schroeder, a Duke spokesman in Ciricinnati, said Tuesday.But thei normally routine.deal closing ; did come.-with a twistBiil Johnson, who was tapped "to lead the combined company as president and chief executive; hasdecided to leave by "mutual agreement," the companies said.Duke CEO Jini Rogers, who.was ekpected to be executive chairman, : has instead been named GEO.Rogers was .CEO:and chairman of "Cinergy Corp.. in Cinciririati untii 2006, when thatcorhpany mergedwith Duke.8LEGPGNDIR001148