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Published: Wednesday, 7/4/2012

Utility merger complete; expected CEO leaves


RALEIGH -- Duke Energy Corp. and Progress Energy Inc. said Tuesday they had completed their merger, now valued at about $32 billion, to form the nation's largest electric company.

At the same time, they said Bill Johnson, who was to lead the combined company as president and chief executive officer, has decided to leave by "mutual agreement."

Duke CEO Jim Rogers, who was expected to be executive chairman, has instead been named CEO of the new company.

The company declined to answer questions about the switch.

The combined company will serve about 7 million customers in Ohio, Indiana, Kentucky, North Carolina, Florida, and South Carolina.

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