2 Directors Resign From Duke Energy: "Blindsided" By CEO Switch

RALEIGH, N.C. (AP) -- Two riled directors of America's largest electric company are resigning, saying they were blindsided by a surprise CEO switch that has put pressure on Duke Energy Corp.'s credit rating and stock price.

John Baker II and Theresa Stone resigned Friday and called on the remaining board of directors to start a search to replace current CEO Jim Rogers. Baker and Stone had been on Progress Energy's board of directors and joined the Duke Energy board when the companies merged July 2.

The top Progress Energy executive, who the companies had promised for 18 months would lead the combined company, was ousted hours after the merger deal was done, and Rogers was in.

Two other Progress Energy directors who moved to Duke Energy said last week they were thinking about quitting.


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