Business

Duke Energy promotes from within to fill vacant CFO spot

Posted August 6, 2013

— Duke Energy on Tuesday announced that Steve K. Young has been named executive vice president and chief financial officer, a role left vacant on July 1 when Lynn J. Good became the company's president and chief executive officer. 

Young, 55, has served as vice president, controller and chief accounting officer since 2005.

"Steve has a deep understanding of our business. He is forward-thinking, focused on results and collaborates well across the organization," Good said in a statement. "He will maintain a sharp focus on helping the company meet its financial goals."

A graduate of the University of North Carolina at Chapel Hill, Young joined Duke Power in 1980. Young will continue to lead the controller's office until his replacement is chosen, Good said.

Duke Energy and the North Carolina Utilities Commission agreed in November 2012 to settle a state investigation into Duke's ouster of former Progress Energy CEO Bill Johnson after its acquisition of the Raleigh-based power company. 

In proposing the merger, the utilities promised Johnson would lead the combined company for 18 months. But the newly constituted board, with a majority from Duke, forced him to resign just hours after the merger deal was done July 2, 2012.

The move came three days after the Utilities Commission approved the $35 billion merger, which created the nation's largest electric utility.

3 Comments

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  • immaannoid Aug 6, 11:33 a.m.

    Yeah David, but fDuke vs. fProgressEngery. Most former Progress Energy customers I've talked to, along with Duke Energy customers, expect service to go downhill.

    It also seems Duke Energy won the merger.

  • davidgnews Aug 6, 10:26 a.m.

    How is that anything new? A lot of places promote from within, both public and private sector.

  • immaannoid Aug 6, 8:49 a.m.

    Gee, what were the odds that he was from the Duke side??? As a consumer, I keep getting the feeling that we are in for lousy service by the combined company.