Progress Energy CEO Suffers Apparent Stroke

Posted October 8, 2007 11:51 a.m. EDT
Updated October 8, 2007 1:22 p.m. EDT

— Robert McGehee, chairman and chief executive officer at Progress Energy, is in a London hospital after suffering what appears to be a stroke.

McGehee was in London on company business when the incident occurred Sunday, Progress (NYSE: PGN) said in a statement Monday morning,

He “remains in intensive care in a London hospital,” the company added.

McGehee, 64, has been CEO of Progress, a Raleigh-based company, since March of 2004 and chairman since May of 2004. He joined the company in 1997.

McGehee and other Progress executives were in London for a meeting with investors.

William Johnson, the president and chief operating officer, will assume McGehee’s responsibilities during McGehee’s absence, the company said. John Mullin, a member of the board of directors, was named acting chairman.

Mullin is chairman of Ridgeway Farm, a farming and timber management firm. He has been a member of the board since 1999.

A former nuclear engineer aboard a ballistic missile submarine in the U.S. Navy, McGehee graduated from the Naval Academy in 1966. He later earned a law degree at the University of Texas.

McGehee joined Carolina Power & Light before the company changed its name to CP&L as senior vice president and general counsel. He was chairman of the board of a law firm in Jackson, Miss., before joining CP&L.

Progress shares traded at $47 in late-morning trading.

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