Piedmont Natural Gas CEO’s Pure Gold Parachute – $14.4M

In October Duke Energy, the largest electric power holding company in the United States and a utility with 7.3 million customers in the southeast and Midwest, announced they had cut a deal to buy Piedmont Natural Gas for $4.9 billion in cash and the assumption of $1.8 billion in existing debt–for a total deal price of $6.7 billion (see Duke Energy Buys Piedmont NatGas for $6.7B, Marcellus Connection). Piedmont is a midstream and natgas LDC, or local distribution company/utility, with operations primarily in North Carolina, South Carolina and Tennessee. At least one person is going to make a boatload of money from the deal. Piedmont’s CEO Tom Skains will get a $14.4 million severance check when the deal goes through. Looks like the color of Skains’ parachute is pure gold…

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