The Tennessee Valley Authority elected Nashville banker Dennis Bottorff as chairman today, replacing former Republican National Committee Chairman Mike Duncan who stepped down as TVA's part-time chairman after a year on the job.
Mr. Duncan, a 59-year-old banker and attorney from Inez, Ky., said he wants to spend more time in his new job heading a new political action committee known as American Crossroads. The new GOP PAC will try to raise $52 million for Republican candidates across the country in what some claim is a challenge to current RNC chairman Michael Steele.
"It's a new and exciting enterprise that will require much of my time and attention," Mr. Duncan said in announcing his decision to resign as TVA chairman while he remains on the TVA board.
Mr. Bottorff serves as chairman and partner of Council Ventures, a venture capital firm. He was chairman of AmSouth Bancorporation in Nashville until his retirement in 2001 and previously was chief executive officer of First American Bank. His term on the TVA board expires May 18, 2011.
Read more details in tomorrow's Times Free Press.