Former Progress Energy CEO to head Tennessee Valley Authority
Posted November 5, 2012 7:17 a.m. EST
Updated November 5, 2012 8:58 a.m. EST
Raleigh, N.C. — 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.