When Duke Energy announced its merger with Progress Energy last year, the two companies agreed that Progress CEO Bill Johnson would assume the same position at the combined company. So he did: On June 27, Johnson signed a three-year contract to helm Duke. When the merger went into effect on July 2, he assumed the position of CEO.
And then, on July 3 at midnight, Johnson resigned.
He resigned and hit the jackpot.
Despite his short-lived tenure, Mr. Johnson will receive exit payments worth as much as $44.4 million, according to Duke. That includes $7.4 million in severance, a nearly $1.4 million cash bonus, a special lump-sum payment worth up to $1.5 million and accelerated vesting of his stock awards, according to a Duke regulatory filing Tuesday night. Mr. Johnson gets the lump-sum payment as long as he cooperates with Duke and doesn’t disparage his former employer, the filing said.
Under his exit package, Mr. Johnson also will receive approximately $30,000 to reimburse him for relocation expenses.
The free market only pays what a person is worth. If you've got a problem with this, it's because you're a commie socialist America-hating hippie bastard or something. Why do you insist on the politics of resentment, citizen? What's stopping you from making $44 million a day?
Get back to work.