Duke Energy announced today that its board has unanimously selected Lynn Good to replace Jim Rogers as the utility's next president and CEO, effective July 1.
Good currently serves as Duke's CFO and executive vice [resident, a position she has held since 2009. Good first came to Duke in 2003 via its Cinergy predecessor, after 20 years in management roles at Deloitte & Touch and Arthur Andersen.
"The selection committee considered several exceptional internal and external candidates and determined that Lynn's leadership abilities and strategic vision for Duke Energy's continued growth make her the ideal choice," said Duke Energy lead director Ann Maynard Gray in a statement today.
According to an SEC filing, Good has agreed to an initial three-year term with an annual base salary of $1.2 million. Short-term bonus opportunities are set at 125% of base salary ($1.5 million currently), while long-term incentives amount to a 450% boost ($5.4 million).
Although Rogers will step down from his president and CEO roles that he first assumed in 2006, he will continue to serve as chairman of the board until his official retirement at the end of this calendar year.
"I have worked closely with Lynn for 10 years and know she cares deeply about this company, our employees, customers, and shareholders," Rogers said in a statement. "I applaud the board's choice and am eager to work with Lynn on a seamless transition."
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