The Tennessee Valley Authority has more than tripled the pay of its chief executive to nearly $3.6 million in the fiscal year that ended Sept. 30.
TVA President Tom Kilgore, who was paid $1.15 million in fiscal 2009 because of the coal ash spill in Kingston last year, was paid a record high $3,598,079 in total compensation last year, TVA announced today.
"We had a good year in 2010" and the higher pay reflects the utility's performance, TVA Chief Financial Officer John Thomas said. The industry average among top officers of comparable investor-owned utilities last year was more than $6 million, Thomas said,
"While our compensation plan is designed to pay market rates, we tend to be conservative and pay below the market," Thomas said.
Kilgore rated the utility's performance this year as B-plus.
For complete details, read tomorrow's Times Free Press