X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Name And Title: Marc E. Manly, group executive and chief legal officer Age: 55 A Happy Marriage: Duke Energy Corp., No. 143 among the Fortune 500 with sales of $15 billion, obtained its stature through a successful merger with Cinergy Corp. in 2006. The resulting company boasts 3.9 million electric customers in the South and Midwest. Its commercial power unit generates 8,700 megawatts of unregulated electricity. Duke Energy International generates 4,200 megawatts, mostly in Latin America. “It was a nice strategic fit for both of us,” said Manly, who navigated Cinergy through the merger as its general counsel and then was named to the same position at Duke. “Cinergy was a good company in the Midwest � well-run, great [price-earnings ratio] � but we just weren’t at critical mass. Duke was at critical mass, but the Duke board wanted a merger in the power area so it could separate itself into a power company and a gas company.” Just nine months following the merger, Duke successfully spun off to its stockholders its gas business, named Spectra Energy Corp. “We got through the regulatory process at light speed compared to other mergers,” Manly said. He attributes the merger of Duke, based in Charlotte, N.C., and Cinergy, in Cincinnati, to the cultural compatibility of the Midwest and South. “We speak with different accents, but the cultures are very similar,” Manly said. “We share a belief in what we are doing and a humble attitude with one another and our customers. Just a handful of mergers are successful. We’re proud everyone in the industry recognizes Duke-Cinergy is one of that handful.” Route To Present Position: Manly started his legal career in the Chicago office of Sidley Austin in 1978, following his graduation from the University of Michigan Law School. He soon moved to the firm’s Washington office. Manly capped his career at Sidley as a partner on the litigation team that took AT&T through its epic 1994 divestiture. He went in-house at AT&T in 1996. They were not happy years. “Back then, AT&T was in a downward spiral. The telecommunications field was declining,” Manly said. “It’s depressing being with a company, and an industry, where revenue growth is negative.” The bright lights of the newly deregulated energy market were more alluring. In 2000, he accepted the job as managing director for law and governmental affairs, general counsel and corporate secretary at NewPower Holdings Inc. in New Canaan, Conn. “I was young enough take a risk,” Manly said. “This little startup company was backed by what then was the most respected company in the entire world, so who could go wrong?” Well, he could, as it turned out. Backing NewPower was Enron Corp. “We were out to become the MCI of the energy business. We raised $750 million in an [initial public offering], then Enron exploded. I had the great learning experience of taking a company into bankruptcy.” When the bankruptcy was completed in 2002, Manly moved to Cinergy as general counsel and, later, to Duke. He holds two degrees in economics � a bachelor’s from Amherst College and a master’s from the University of Michigan. He pursued a doctoral degree, but never completed his dissertation. “I thought I had to be a Nobel Prize winner, so I never finished it.” Legal Team And Outside Counsel: Manly oversees 45 lawyers in the United States and seven in Latin America. “Probably half the legal work we do inside is regulatory filings. The other half is a combination of litigation [and] the commercial work of dealing with construction contracts. We have a commercial side of our business that is not regulated. We have power plants in Latin America and we have power plants in the Midwest that sell power but are not regulated. It’s all the commercial work of doing deals and growing that business.” Duke plans to spend up to $10 billion during the next several years building new power plants and complying with environmental mandates. “The entire industry is in a necessary building boom just to meet our environmental obligations. On top of that, most utility companies, including ours, have not built a lot of generation plants for decades. Demand is catching up with us. We are getting geared to deal with the construction and all the regulatory obligations that come with it.” Manly turns to Sidley Austin and New York-based Skadden, Arps, Slate, Meagher & Flom when he needs the firepower a national firm can bring to mergers and acquisitions or major litigation. Duke spends much of its legal budget on firms within its service territories. In Duke territory, Manly prefers the Charlotte firms Robinson, Bradshaw & Hinson; Kennedy Covington Lobdell & Hickman; and Parker Poe Adams & Bernstein. In Cinergy territory, he favors the Cincinnati offices of Thompson Hine and Frost Brown Todd and Cincinnati-based Keating Muething & Klekamp. “We support economic development and a vibrant Charlotte and Cincinnati by spending our dollars in our service territories,” Manly said. Daily Duties: “I organize my time for the next day. Maybe I get done half what I planned. The rest is stuff from left field,” Manly said. “I spend about half my time being a senior executive who happens to have a law degree. I sit on a number of committees where I am a steward of the business. I am a lawyer but also just a businessperson kicking the tires and making sure that before we spend money or go to the board, the project makes sense.” Personal: Manly and his wife, Colby Chapman, have two adult children, Justin, 27, and Allison, 24, who recently wed. He has homes in Cincinnati and Charlotte. “I have the luxury of being somewhat in control of my hours,” he said. “It is time for me to give back.” He does so in both Duke and Cinergy territory, sitting on the boards of the Charlotte Arts and Science Council and the Dan Beard Boy Scout Council of Cincinnati. “I was a Boy Scout and it molded me,” he said. Manly fell in love with Big Sky country while backpacking through Montana 20 years ago. He bought a ranch there, where a neighbor’s son grazes cattle in exchange for keeping an eye on things. “I go for the solitude and the beauty.” Last Book And Movie: 1491: New Revelations of the Americas Before Columbus, by Charles Mann; and Breach, shown while he was a passenger aboard an airliner.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.