TVA president and CEO Tom Kilgore will not get a raise in 2012.
The Tennessee Valley Authority's board of directors, meeting today in Starkville, Miss., said their decision was made "in keeping with the federal salary freeze."
Kilgore's total base salary and annual performance incentive for 2011 tallied $2.7 million.
"While TVA compensation is based on market comparisons, we realize that the CEO's current compensation is near the bottom of industry rankings," TVA Chairman Denny Bottorff said. "Nonetheless, in keeping with the federal salary freeze, we are not adjusting the CEO's salary; neither are we adjusting his at-risk performance pay opportunity for fiscal year 2012."
Kilgore did not comment on the freeze during the board meeting.