Piedmont Natural CEO To Retire Upon Duke Energy Deal Closing

Piedmont Natural Gas Co. said Friday Chief Executive Thomas E. Skains is retiring after Piedmont's deal with Duke Energy Corp. closes. "I am making this personal decision now to help make sure we move forward with the transition and allow the Duke and Piedmont management teams to make important long-term leadership, organizational and integration decisions" for the company as a subsidiary of Duke Energy, Skains said in an email to employees that was attached to a company's filing on Friday. Duke Energy announced the $4.9 billion cash deal for Piedmont Natural Gas in October. The companies expect the deal to close by the end of 2016. Shares of Piedmont Natural Gas were flat in late trading Friday after ending the regular session up 0.1%.