Duke Energy chairman, president and CEO Jim Rogers will retire from the company by the end of 2013, which is consistent with the expiration of his employment contract.
Rogers has served as a CEO in the utility industry since 1988. Rogers became president and CEO of Duke Energy following the merger between Duke Energy and Cinergy in 2006.
Before the merger, he served as Cinergy's chairman and CEO for more than 11 years. Prior to the formation of Cinergy, he served as chairman, president and CEO of PSI Energy from 1988 until 1994.
"It has been an honor serving as CEO for the past 24 years and working in a dynamic industry that provides an essential service for our customers," Rogers said. "My continuing focus for the remainder of my tenure will be on positioning Duke Energy as a stronger, more efficient organization for many years to come, while continuing to fully realize the significant benefits of the merger for our customers and investors."
"I have worked closely with Jim since 2006 and have always been impressed with his dedication to Duke Energy and its employees," said Duke Energy lead Director Ann Maynard Gray. "He has delivered excellent results for shareholders throughout his career, and the Board of Directors looks forward to continuing to work with Jim to deliver benefits to our customers and investors."
A special committee of the Duke Energy board of directors will oversee the recommendation of a successor to Rogers.