Lynn Good, who’s led utility giant Duke Energy as chief executive officer (CEO) for 11 years, and served as chairman of the board of directors since 2016, is retiring. According to a press release, the board has named company veteran Harry Sideris to succeed Good as president and CEO effective April 1, 2025.
Duke Energy is headquartered in Charlotte, NC, with over 8.4 million electric customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky.
“The board is extraordinarily appreciative of Lynn’s leadership during her tenure as CEO and her nearly 20 years with the company,” said Ted Craver, the lead independent director. “Her many contributions delivered value to our customers, shareholders, and other stakeholders. Thanks to her leadership, Duke Energy today is an industry-leading, fully regulated utility company well-positioned to thrive in the years ahead. Lynn’s legacy is defined by the power of her strategic course, an unwavering commitment to our customers and shareholders, industry-leading operations and safety, excellence in stakeholder engagement and the team she built.”
Craver will come independent chair of the Duke Energy board of directors on April 1.
Good presided over the utility as it has embarked on a “ambitious clean energy transition” that ushered in significant shifts in energy generation sources in North Carolina and other states. Catalyzed by aggressive state policies and laws, solar produced energy consumption in North Carolina jumped exponentially during her tenure, increasing by more than ten times from 2010 (0.2%) to 2019 (2.7%), and accelerating further thereafter.
By 2022, the same year Duke Energy was forced to institute rolling black outs during an overnight cold snap on Christmas Eve, North Carolina relied on solar for 9% of total generation. At the time, the state ranked fourth in the nation (California, Texas, and Florida) in both total solar power generation and in solar generating capacity, with nearly 6,500 megawatts of solar installed.
In all, renewable energy sources, including hydro-electric, accounted for a total of 14% of the state’s energy generation as recently as 2022, as the company attempts to balance growing demand with “Neto-zero” goals as part of its targeted Carbon Plan.
In a press release, Good said, “It has been the honor of a lifetime to lead this company for the last 11 years and to serve with an industry leading team. Working with communities, policymakers, and other stakeholders, I’m so proud of what we’ve accomplished. Duke Energy is in a strong and enviable position and, under Harry’s leadership, will surely seize upon the opportunities ahead to deliver for our customers, communities, investors, and other stakeholders.”
Good’s successor, Sideris, has been with the company for nearly three decades, holding a variety of positions across the utility.
“I am honored and excited to assume the leadership of Duke Energy at this dynamic time for our company and industry,” he said in a press release. “I’d also like to thank Lynn for her leadership and guidance over the years. The valuable position that we’ve attained under her leadership, the opportunities before us, and our employees’ steadfast commitment to our customers and shareholders make our future bright.”