There was a lot of excitement surrounding the merger of Duke Energy and Progress Energy last year. When the companies agreed to combine forces, it was determined that Progress CEO Bill Johnson would take over the helm of the larger entity as part of a three-year deal. When the merger went into effect on July 2, his new career began.
Less than 48 hours later, he resigned. There is speculation that his resignation was actually a firing, but don’t shed a tear for the short-time boss. In the separation, Johnson will receive around $44 million in severance, cash bonuses, and accelerated vesting of his stock awards. In an 8-hour day, that puts his earnings at $5.5 million per hour, a bit higher than the American minimum wage.
As Grist reports:
As many have noted, the “resignation” seems an awful lot like a “firing.” It is obviously the latter; technically the former. The corporate world never ceases to amaze.
Not bad for a day’s work.