Duke Energy board elects new officers

Duke Energy’s board of directors has unanimously elected Duke Energy president, CEO and vice chairman Lynn Good as its new board chairman, effective January 1, 2016.

Good succeeds Ann Maynard Gray, who will remain on the Duke Energy board as a director and former chairman. As lead independent director and most recently chairman, Gray has led Duke Energy’s board of directors since 2004.

The combination of the CEO and chairman roles is a common practice among large electric utilities in the U.S. Of the 19 utilities that comprise the New York Stock Exchange’s Utility Index, more than two-thirds have the roles combined.

The board also unanimously elected Michael Browning as the Duke Energy board independent lead director.

Browning currently serves on the board’s governance, audit, and finance and risk management committees. He is the chairman of Browning Consolidated LLC in Indianapolis and previously served as the chairman and president of Browning Consolidated LLC for over 30 years. He joined the Duke Energy board in 2006.

Browning’s lead director responsibilities meet the latest corporate governance standards set by the National Association of Corporate Directors.

In addition, the board of directors named Piedmont National Gas president, CEO and chairman Tom Skains as the designee to join Duke Energy’s board upon the completion of Duke Energy’s acquisition of Piedmont Natural Gas. Duke Energy agreed to add a Piedmont Natural Gas board member to its board in connection with the transaction announced on October 26, 2015.

He served as chair of the American Gas Association in 2009 and chair of the Southern Gas Association in 2006. He currently serves on the board of directors of BB&T Corporation.

The companies expect to close the transaction by the end of 2016, after receiving federal antitrust clearance and approvals from state regulators and Piedmont Natural Gas shareholders.