Duke Energy Chief Executive Lynn Good will retire April 1 after more than a decade leading the utility giant, the power company said Monday.

The new CEO will be Harry Sideris, who was promoted to role of president last year and has spent nearly 30 years at the company in a variety of roles, according to a news release announcing his promotion.

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Duke Energy is one of the biggest utility companies in the nation, serving customers in half a dozen states. Headquartered in Charlotte, it's one of the biggest employers in North Carolina.

Duke also announced Lynn would also be retiring from her position on the company's board of directors in April. Ted Craver, an independent director, will take over as chairman of the board of directors, the company said.

Craver said in a statement Monday that the company has spent multiple years planning for how to replace Good once she chose to retire. He expressed confidence in Sideris.

"In an era of growth and rapidly evolving customer demands, Harry’s experience in operations, customer service, strategy, and stakeholder and regulatory engagement makes him the ideal choice for CEO," Craver said.

The company's stock, which is up about 8% in the past year, climbed 29 cents to $106.14 on the New York Stock Exchange.

Good became CEO in 2013 after Duke Energy and Progress Energy merged, forming a single company to serve nearly all North Carolina power customers. Her tenure was marked by rising stock prices as well as by incidents such as the 2014 Dan River coal ash spill. That event polluted drinking water in parts of North Carolina and Virginia, led to Duke Energy pleading guilty as a company to criminal charges, and spurred public outcry over other coal ash storage sites around North Carolina.

In more recent years the company has agreed to work toward greenhouse gas reduction goals in an effort to help fight climate change. It has pledged to shut down all its North Carolina coal plants by 2035 and replace them with less dirty forms of energy, such as nuclear power and natural gas.

"Working with communities, policymakers and other stakeholders, I’m so proud of what we’ve accomplished," Good said in a statement. "Duke Energy is in a strong and enviable position and, under Harry’s leadership, will surely seize upon the opportunities ahead to deliver for our customers, communities, investors, and other stakeholders."

In its most recent quarterly earnings report, for the third quarter of 2024, Duke reported adjusted earnings per share of $1.62 — down from analysts’ expectations of about $1.73 per share, according to Zacks Equity Research.

The company attributed the drop in part to system implementation costs, discontinued operations, higher tax rates, interest costs, and storm costs related to several major storms that caused 5.5 million outages. The company estimated storm restoration costs, including capital expenditures, for hurricanes Helene, Debby and Milton in the range of $2.4 billion to $2.9 billion.

The company offset those items in part with rate increases. The company still expects to report full-year earnings of $5.85 to $6.10 per share.