Duke Energy CEO Jim Rogers will step down as head of the largest U.S. electric utility as part of a settlement with the North Carolina utilities regulator.
The resignation ends an investigation into the company's takeover of in-state rival Progress Energy.
Hours after the merger was completed July 2, Duke Energy's board ousted the CEO it promised to keep throughout the 18-month process of combining the two Fortune 500 energy companies headquartered in North Carolina.
The state regulator and Attorney General Roy Cooper launched investigations into the quick change, demanding internal Duke documents and communications.
The North Carolina Utilities Commission said Thursday that its consumer-protection division and Duke reached a deal ending the probe into whether the company misled the regulator ahead of approving the merger.
(Copyright 2012 by The Associated Press. All Rights Reserved.)