Duke Energy And Succession Planning - 1579 Words

Duke Energy and Succession Planning Although Duke Energy has successfully grown and endured many transitions over the past one hundred years, the company faces some serious issues that could be fatal to the company’s continued success. The company has recently lost and is expecting to lose even more of its most knowledgeable and dedicated employees, which is mostly due to the increasing age of the company’s workforce as most of the workforce is reaching the age of retirement. This paper seeks to illuminate the importance of succession planning, makes every effort to provide the best solutions for implementing a succession plan, and provides recommendations to help the human resource department at Duke Energy avoid the harmful effects that†¦show more content†¦Later, â€Å"The 1990s ushered in a trend to deregulate the natural gas industry in the United States† and since â€Å"Duke Power saw natural gas not as a competing fuel, but as an opportunity. Duk e Power and PanEnergy merged in 1997 to create Duke Energy† (Duke Energy, 2017). Furthermore, â€Å"In 2012, Duke Energy and Progress Energy combined their companies, expanding Duke Energy s services to Florida and forming the largest electric utility in the United States† (Duke Energy, 2017). Following this, â€Å"In 2016, Duke Energy acquired Piedmont Natural Gas and expanded natural gas services to include the Carolinas and Tennessee† (Duke Energy, 2017). Today, Duke Energy Corporation â€Å"serves approximately 7.5 million retail electric customers in six states in the Southeast and Midwest, representing a population of approximately 24 million people† (Duke Energy, 2016). Additionally, with forty-five percent of Duke Energy’s generating capacity being natural gas, the company provides â€Å"natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee.† (Duke Energy, 2016). In addition, due to rising environmental issues and concerns, Duke Energy must continue to transform, and therefore, the company is presently pursuing new methods of sustaining energy efficiency and is investing in smart grid technologies and new methods of utilizing renewable energy resources such as wind and solar powerShow MoreRelatedMorgan Stanley Research Report2517 Words   |  11 PagesDirector Audit Committee Charter Compensation, Management Development and Succession Committee Charter Nominating Governance Committee Charter Internal Audit Subcommittee Charter’ (Corporate governance. n.d.) Committee Members The Board of Directors has a lead director and three key standing committees. Lead Director C. 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