Electric utility Duke Energy Corp. (DUK) said Tuesday that its board of directors has unanimously elected Chief Financial Officer Lynn Good as its next president and chief executive officer. She succeeds Jim Rogers, who has served as Duke Energy's president and CEO since 2006.
Good will also serve as a director on the board of Duke Energy. She will assume her new role on July 1.
In November 2012, Rogers, 65, announced that he will retire from Duke Energy by the end of 2013 after a 25-year career as a CEO in the utility industry. Rogers will continue to serve as chairman of the company's board until his retirement on December 31, 2013.
Charlotte, North Carolina-based Duke Energy said that its board of directors considered several internal and external candidates before selecting Good as CEO. The selection process was led by a nine-member committee of the board's independent directors. The committee and the board were assisted in their search by Russell Reynolds.
Duke Energy's board will also name one of its independent directors as chair-elect in the coming weeks. This individual will assume responsibilities as chairman of the board on January 1, 2014, and will assist the new CEO and the board with a smooth transition in the coming months.
Good, aged 54, has served as Duke Energy's executive vice president and chief financial officer since July 2009. She joined Cinergy, a predecessor company of Duke Energy, in 2003 after serving for 20 years in senior management roles and as a partner for Deloitte & Touche and Arthur Andersen.
Prior to her tenure as Duke Energy's CFO, Good served as group executive and president of Duke Energy's Commercial Businesses organization. In this role, she was principally responsible for the Midwest non-regulated generation, Duke Energy International, Duke Energy Renewables, corporate development, and merger and acquisition activities.
In November 2012, Duke Energy said that Rogers will retire from the company by the end of 2013. At that time, the company also indicated a settlement with the North Carolina Utilities Commission related to the firing of CEO Bill Johnson following the merger between Duke Energy and Progress Energy in July 2012.
The combination of the two Fortune 500 energy companies created the largest electric utility company in the U.S., providing service to about 7 million customers.
Duke Energy's board had fired CEO Johnson just days after completing its merger with Progress Energy. Throughout the process of merger, the companies had presented Johnson, the CEO of Progress Energy, as the future CEO of the combined company. Rogers, CEO of Duke before the merger, was presented as executive chairman of the new company for two years post merger.
DUK closed Monday's trading at $67.65, up $0.01 on a volume of 2.75 million shares.
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