damn 44 million for one day of work. sign me up

http://www.forbes.com/sites/stevesc...roo-leaves-rogers-in-charge/?partner=yahootix


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Johnson Rakes In $44 Million After One-Day Gig As Duke Energy CEO

(Image credit: Getty Images via @daylife)
When two companies merge, it is not unprecedented for two CEOs to jointly rule the combined entity, often as chairman and chief executive.

Such was the plan at Duke Energy, following the utility’s $26 billion tie-up with Progress Energy that closed Tuesday.

Something odd happened before the deal formally closed though, as the press release announcing the deal’s wrap-up included the surprising news that former Progress chief Bill Johnson, set to run the company moving forward would resign. Duke boss Jim Rogers, who had been tabbed as executive chairman, assumed the CEO post, but not without criticism.

John Mullin, who had been lead director of the Progress Energy board, slammed the move as “an incredible act of bad faith,” calling it “corporate deceit,” according to a letter sent to both the Wall Street Journal and DealBook.

It wasn’t all bad for Johnson. As the Los Angeles Times reports, his one-day tenure could bring him up to a $44 million post-exit payday, which includes $10.3 million in severance, bonus and other benefits given his “agreement to non-competition, non-solicitation, non-disparagement and confidentiality covenants,” according to an SEC filing. Not bad for one day on the job, but while things may not turned out so terribly for Johnson, they certainly drew Mullin’s ire.

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