Duke Energy CEO Calls Business Leaders to “Purpose-Driven Capitalism”
during Chamber’s 69th Annual Meeting
 Global competition is a reality, Duke Energy CEO Jim Rogers told the crowd of 700 business leaders, regardless of whether you sell “pork, loan portfolios or kilowatt hours.” Rogers was the keynote speaker during the Chamber’s 69th Annual Meeting on March 2 in Durham.
Rogers warned that public trust in business has fallen, which has resulted in government setting policies that stunt economic growth. “We need to restore trust of capitalism and business in America,” said Rogers, who called for “purpose-driven capitalism” and companies who grow with values and purpose, not just for wealth’s sake.
Rogers also said that government deficit has become unsustainable. “We have to deflate the bubble before it bursts,” he warned.
Additionally, Rogers spoke of modernizing the power infrastructure, stating that Duke Energy will need to replace their entire fleet by 2050 (except hydro facilities) and will spend $8 billion to $9 billion on new capital construction over the next two years. He said North Carolina’s power sources are half nuclear and half coal.
He said that Duke Energy’s pending merger with Progress Energy will help the company not only create a great value for stockholders, but more importantly, immediate cost savings for power customers.
“At the end of the day, it’s really about the bill,” said Rogers, and ensuring customers get affordable, clean, reliable energy. Read more on Rogers’ speech here.
Gov. Perdue “Thinks Jobs!”
Gov. Bev Perdue, wearing her Chamber “Think Jobs!” wristband, told the crowd, “As CEO of this state, I’m resetting the way the state does business and implementing long-term, sustainable change,” noting her restructuring of state government. She also said that since her October executive order to halt any new state rules and regulations, she’s approved only 17 new critical rules on the books.
“We’re in the second quarter of a very fragile economic recovery,” said Perdue. She pledged her commitment to job growth, but also noted she will not compromise on education and the future generation of workers. “I’m stretching your tax dollars as far as I can stretch them.”
Awardees Honored
Former UNC President Erskine Bowles was honored with the Chamber’s Award for Distinguished Service, for his long-time commitment to public service in North Carolina and nationally. Bowles recently served as co-chairman of the National Commission on Fiscal Responsibility and Reform, a panel who presented nearly $4 trillion in federal government deficit reductions.
Steve Zelnak, chairman and former CEO of Martin Marietta Materials, was honored with the Corning Award for Distinguished Citizenship. His leadership at Martin Marietta was marked by a focus on serving his community, not just for himself but for his employees as well.
These awards are an annual tradition, honoring outstanding North Carolinians, dating back to at least 1963 (citizenship award) and 1969 (public service award).
Economic Futurist Shares Jokes, Predictions
During the Annual Meeting’s preliminary session, Economic Futurist Jeff Thredgold gave an overview of global, national and state economic pictures. He said that there are seven critical industries for the future: technology, transportation, telecommunications, financial services, energy, entertainment and biomedicine. Due to the baby boomer generation, Thredgold noted there are three guaranteed growth industries over the next 30 years: health care, financial planning and leisure/entertainment – and tattoo removal, he added jokingly.
“North Carolina’s serious recession is over,” he observed, saying 160,000 North Carolina jobs were lost in 2010, but 12,000 were added in North Carolina over the past 12 months. Manufacturing is leading the U.S. in its economic recovery, which is good news for North Carolina as a top-five manufacturing state.
On the federal deficit, he said government spending is twice what it was 10 years ago and that in 60 minutes (the length of his speech) the deficit would grow $183 million. On programs like Social Security, Medicaid and Medicare, he said, “It’s not about cuts, it’s about slowing future growth rates of spending.”
New Chamber Chairman to Take Helm
North Carolina Chamber Vice Chairman Stan Kelly (Wachovia, a Wells Fargo Company), who served as emcee during the annual meeting, officially begins his term as chairman on April 1. Cynthia Marshall (AT&T North Carolina), who was unable to attend the event, provided a heartfelt video message to meeting attendees.
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