Duke Energy Corp (DUK.N), the largest power provider in the United States, said Chief Financial Officer Lynn Good will take over from Chief Executive Jim Rogers on July 1.
Rogers will continue to serve as the chairman of the board until his retirement on December 31.
Duke Energy's board will also name an independent director to assume responsibilities as chairman, the company said in a statement.
Rogers held the top job when Duke bought Progress Energy in an $18-billion-deal that created the biggest U.S. utility.
He was expected to retire when the deal closed and Progress CEO William Johnson was set to take the top job. However, Johnson was ousted just hours after the deal closed.
Johnson's removal triggered anger in North Carolina, the company's largest market, and led regulators to hold hearings on the change.
Good has been the chief financial officer since July 2009.
Duke serves about 7.2 million electricity customers in six states in the Southeast and Midwest of United States.
(Reporting by Swetha Gopinath in Bangalore; Editing by Sreejiraj Eluvangal)