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Former Progress Energy CEO to head Tennessee Valley Authority

Posted November 5, 2012

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— Bill Johnson, the former chief executive officer of Progress Energy, will become CEO of the Tennessee Valley Authority, sources tell WRAL News. An official announcement is expected Monday.

Johnson was slated to helm Duke Energy Progress – a merger of Duke Energy and Progress Energy – when the two companies combined in July. But he was deposed within an hour of the $35 billion merger.

A press conference is scheduled Monday morning to announce Johnson's hiring.

Johnson will replace Tom Kilgore, who retired as president and CEO of the TVA in August. He had worked at the TVA since 2005.

The TVA launched an executive search at that time. 

Johnson had been promised the Duke job for about 18 months leading to the merger, which created the largest regulated utility in the United States. But Duke’s board said Johnson mishandled too many issues related to the merger and could not be trusted. Duke Energy Progress then installed Jim Rogers as its new CEO.

The last-minute shakeup prompted the North Carolina Utilities Commission to question whether the board had discussed removing Johnson before the deal was approved. Regulators launched an investigation in August.

As head of the Tennessee Valley Authority, Johnson will lead the nation’s largest public power provider.

The authority was formed in 1933 and serves more than 9 million customers in seven states, including parts of North Carolina.

21 Comments

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  • tired2 Nov 6, 9:29 a.m.

    Good for him...given what may happen toady in NC - Governor race; Tedesco, Goldman, Tate etc....now is the best time to get out of NC....especially Wake County.

  • COLT45 Nov 5, 4:29 p.m.

    I bet Duke Power would love to get thier hands on the TVA.

  • Walkin Man Nov 5, 11:41 a.m.

    Screw up and move up. Seems like, to coin a phrase used a lot today, the "new normal". God help us all.

  • ConservativeVoter Nov 5, 11:25 a.m.

    The TVA customers are in big trouble. Johnson will screw up TVA the same way he screwed up Progress Energy.

    TVA customers should be bracing for a large rate increase as soon as Johnson takes over the TVA.

  • fillandsandy Nov 5, 11:02 a.m.

    Glad to see Mr. Johnson get this after Duke shafted him.

  • Mr. Middle of the Road Nov 5, 11:01 a.m.

    Well good, I was worried about him.

  • gman007 Nov 5, 10:47 a.m.

    "Johnson will replace Tom Kilgore, who retired as president and CEO of the TVA in August. He had worked at the TVA since 2005."

    Kilgore did not 'retire' in August. In August he announced he would retire at the end of the year or when a replacement was in place. Still, anybody believe in coincidence???

  • Honesty first Nov 5, 10:30 a.m.

    All of this was done by Duke to better serve the customers. Rate hike, paying former CEO $44 million to go away, no more equal payment plan for power bills. Can you think of anything else that Duke Energy can do that will be good for the customers. Oh my!! How about moving your customer service line off shore.

  • Mo Blues Nov 5, 9:39 a.m.

    Time to grease up that revolving door between government and industry insider. TVA is still a qausi-governmental organization. Big Government pulls the strings on the puppets at TVA just like they do for the news readers on PBS.

  • TVs_Deceit Nov 5, 9:32 a.m.

    So.. the shock of being dismissed was all a ruse while this was the plan all along.

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