UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13, 15(d), or 37 of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): December 1,
2009
TENNESSEE
VALLEY AUTHORITY
(Exact
name of registrant as specified in its charter)
|
A
corporate agency of the United States created by an act of
Congress
(State
or other jurisdiction of incorporation or organization)
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000-52313
(Commission
file number)
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62-0474417
(IRS
Employer Identification No.)
|
||
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400
W. Summit Hill Drive
Knoxville,
Tennessee
(Address
of principal executive offices)
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37902
(Zip
Code)
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(865) 632-2101
(Registrant’s
telephone number, including area code)
None
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
1
Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
December 1, 2009, TVA announced a reorganization of its executive managerial
structure, effective as of January 4, 2010. As part of this
reorganization, Kimberly S. Greene will leave her position as TVA’s Chief
Financial Officer and Executive Vice President, Financial Services in order to
assume the newly created position of TVA Group President. As Group
President, Ms. Greene will be responsible for, among other things, strategy,
planning, customer service, government relations, communications, environmental
operations, commercial activities, and renewable energy. Ms. Greene’s
compensation package for fiscal year 2010 has not been affected by her
appointment as Group President.
John M.
Hoskins, who is currently TVA’s Senior Vice President and Treasurer, will serve
as Interim Chief Financial Officer beginning January 4, 2010. Mr.
Hoskins, age 54, joined TVA in 1978 and joined the Treasurer’s office in
1987. He was named Vice President and Treasurer in 1994 and Senior
Vice President and Treasurer in 2000. He has served on the TVA
Retirement System Board of Directors since 2003. Mr. Hoskins
previously served as Interim Chief Financial Officer from November 2006 to
September 2007.
Mr.
Hoskins’s compensation package has not been affected by his appointment as
Interim Chief Financial Officer and currently consists of the following for
fiscal year 2010:
◊ A base
salary of $272,000
◊ Executive
Annual Incentive Plan (“EAIP”) opportunity of 40% of salary
◊ Executive
Long-Term Incentive Plan (“ELTIP”) opportunity of 25% of salary
In
addition, Mr. Hoskins will be eligible during fiscal year 2010 to participate in
TVA’s Long-Term Deferred Compensation Plan and to receive credits under this
plan.
The goals
for the EAIP for fiscal year 2010 have not yet been established for Mr. Hoskins
or for any of the Named Executive Officers identified in the Summary
Compensation Table in Item 11 of TVA’s Annual Report on Form 10-K for fiscal
year 2009 (the “Annual Report”). The goals for the ELTIP for the
performance cycle ending on September 30, 2010, for Mr. Hoskins and for the
Named Executive Officers remain unchanged from the goals for the performance
cycle ended on September 30, 2009, and are based on two measures: connection
point interruptions (the number of interruptions of power at connection points
caused by TVA’s transmission system) and retail rates (distributor reported
retail power revenue and directly served power revenue divided by distributor
reported retails sales and directly served power sales). See Item 11,
Executive Compensation in the Annual Report for more information regarding the
ELTIP goals.
There are
no family relationships between Mr. Hoskins and any director, executive officer,
or person nominated or chosen to become a director or executive officer of
TVA. Mr. Hoskins does not have a direct or indirect material interest
in any transaction or arrangement in which TVA is a participant other than in
connection with his employment as described in this report.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Date:
December 4, 2009
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Tennessee
Valley Authority
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(Registrant)
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| /s/ Kimberly S. Greene | |
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Kimberly
S. Greene
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|
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Chief
Financial Officer and Executive
Vice
President, Financial Services
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3