Ex-Progress Directors Say Duke CEO Switch Was ‘Deceit’

Three former Progress Energy Inc. board members said they would have voted against Duke Energy Corp.’s takeover had they known that Duke’s chief executive officer would remain in charge of the combined companies.

“I wouldn’t have voted for the deal,” James Bostic Jr., who served on Progress’s board since 2002, said in a phone interview today. “I believed that Bill Johnson would be able to run the combined companies in a more efficient manner and offer a much stronger return to shareholders.”