Progress Energy 2010 Annual Report Download - page 6

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federal agencies. We are targeting a closing by the end of
2011. When the merger is completed, I will become the
president and chief executive offi cer of the new company.
Duke Energy’s current chairman, president and chief executive
offi cer, Jim Rogers, will become the executive chairman.
Focused on the business at hand
Merger approvals and integration planning will require
attention in 2011. Even so, we are keeping our main focus
on the business at hand this year at Progress Energy, and
we have a clear plan for success.
Our approach starts, as always, with a relentless focus
on the fundamentals of this business: safety, operational
excellence, customer satisfaction and aggressive cost
management. It also includes continuing efforts to foster a
workplace culture with high standards of personal behavior
and accountability. This culture is a prime reason we are able
to attract and retain the high caliber of employees we need.
In addition, our company has four areas of special focus in
2011: (1) improving the overall performance of our nuclear
plants; (2) accelerating Continuous Business Excellence,
our companywide initiative to improve effi ciency and
service while achieving sustainable savings; (3) optimizing
our Balanced Solution Strategy, a diverse portfolio of
investments that enable us to meet customers’ growing
needs and new public policies while creating long-term value;
and (4) achieving timely merger approvals and effective
integration planning to position the combined Duke-Progress
for success.
Building new connections
Progress Energy has been closely connected to the communities
we serve for more than a century, and we’re proud of our
long tradition of dependable service and active community
involvement. We also tend to have long-term connections
with our shareholders, based on our consistent track record
of fi nancial performance and the reliability of our dividend.
In this time of transition for our company and industry, the
merger with Duke Energy represents a unique opportunity.
We can build on the successful history of our two companies
and form new connections on a larger scale. Stay tuned for
more information about the merger in the weeks ahead.
In closing, I want to express my deep appreciation for the
superb commitment and hard work of our employees and for
the confi dence that so many of you reading this report have
shown in Progress Energy. We’re intent on earning your
confi dence day after day as we manage the present, create
the future and build new connections.
William D. Johnson
Chairman, President and Chief Executive Offi cer
March 2011
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