Breaking Tampa Bay, Florida and national news and weather from Tampa Bay Online and The Tampa Tribune | TBO.com
Wednesday, Apr 23, 2014
Business News

Progress Energy Florida's president plans to step down

Staff
Published:   |   Updated: March 18, 2013 at 11:21 PM
TALLAHASSEE -

Little more than a month after a mega-merger between Progress Energy and Duke Energy and the surprise ouster of his former boss, Progress Energy Florida President Vincent Dolan announced Wednesday that he will retire by the end of the year.

Dolan, 57, will be replaced by R. Alexander "Alex" Glenn, the Florida utility's general counsel who in recent years has played a prominent role in regulatory issues in Tallahassee. Progress Energy Florida, the state's second-largest utility, was a subsidiary in the past of North Carolina-based Progress Energy and last month became part of Duke Energy.

A news release Wednesday about the changes did not detail Dolan's reasons for making the announcement. Dolan has worked for the utility and predecessor companies since 1986. Dolan also was involved in Tampa-area public affairs, including chairing the Tampa Bay Partnership economic development group in 2011-2012.

After a lengthy approval process, the North Carolina-based Duke Energy and Progress Energy completed a merger in early July and created the largest utility in the country.

The merger agreement called for Progress Chairman and CEO Bill Johnson to become president and CEO of the combined company, but the board of directors — dominated by people who had been on the Duke board in the past — asked for his resignation just hours after he took over the duties.

Johnson was blindsided by the move, and the board's actions have come under heavy scrutiny from North Carolina regulators.

Comments