Cavanaugh, William III 1939–

International Directory of Business Biographies, (2005) by David Petechuk

Industry analysts and coworkers noted that Cavanaugh was a high-caliber leader who stressed excellence and ethics. In 2002 Progress Energy was one of only three S&P 500 companies to be recognized by Standard and Poor's for providing the most complete and detailed information possible to investors. As reported by PR Newswire, Cavanaugh observed, "In this post-Enron era, it's more important than ever for corporations to be clear and up-front about their financial condition and business practices. Acting with integrity is very much the Progress Energy way" (May 14, 2003).

DECIDES TO RETIRE

Although Cavanaugh had originally planned to retire on February 1, 2004, the Enron scandal of 2002 and general turmoil in the industry led the company's board to ask him to delay his date of departure. Cavanaugh agreed but said that he would still want to retire close to the initially scheduled date if the financial situation improved. By January of 2004 Cavanaugh and the board believed that the state of the industry had calmed down considerably and that Progress Energy was on firm footing. Cavanaugh retired from his position as CEO in March 2004 and from his position as chairman the following May.

Industry analysts agreed that Cavanaugh turned over the reins of a company with a solid financial foundation. He accomplished this feat by making wise decisions that successfully led Progress Energy through a recession and through the uncertainty of deregulation. In a Progress Energy press release, J. Tylee Wilson, the presiding director, noted, "Bill made Progress Energy a great place to work for employees and an exceptional value for investors" (January 23, 2004).

Upon retirement, in addition to spending more time with his family, Cavanaugh intended to remain involved in nuclear issues for the power industry. He served on the governing board of the World Association of Nuclear Operators as well as the board of directors of Edison Electric Institute, the Nuclear Energy Institute, and the Research Triangle Foundation.