William Cavanaugh III is a professor in the USF Institute for Advanced Discovery & Innovation. He formerly was the chairman and CEO of Progress Energy until his retirement in 2004. After completing his BS in mechanical engineering at Tulane University in 1961, he joined the U.S. Navy and became a nuclear submarine officer. Upon his honorable discharge, he began his long and productive career in the utility industry, holding key executive positions at Arkansas Power & Light, Louisiana Power & Light, and Mississippi Power & Light. His success in guiding these companies led to his taking over Carolina Power & Light, where he served as president and COO and later as CEO and chairman, leading the company to financial success and new levels of efficiency in its operations and power generation. In 2000, he negotiated the purchase of Florida Progress Corporation, merging it with CP&L to become Progress Energy, a Fortune 500 energy company serving over three million customers. After his retirement from Progress Energy, he became chairman of the World Association for Nuclear Operations (WANO), where he oversaw the institution of a mandatory peer review process for member organizations, among other initiatives. He was elected as a member of the NAE in 2001 for "contributions to excellence in the generation of electricity from nuclear power by establishing and achieving exemplary levels of performance." He has received the William S. Lee Award for Industry Leadership from the Nuclear Energy Institute and the Walter H. Zinn Award from the American Nuclear Society.