Former Republican National Committee Chairman Mike Duncan will bow out as TVA chairman in May to free up more time for his new political fundraising venture.
Dennis Bottorff, the 61-year-old Nashville banker and venture capitalist, was elected Friday to succeed Mr. Duncan as the chairman of the nation’s biggest government utility. Mr. Bottorff said he is glad Mr. Duncan will stay on the board and he thanked the outgoing chairman for helping TVA revamp its focus and management following the December 2008 coal ash spill in Kingston.
“We were almost covered up at times, totally distracted, by the Kingston spill,” Mr. Bottorff told reporters following a Knoxville board meeting.
PARTY FUNDRAISING PLANNED
Mr. Duncan, 59, will remain on the TVA board to help the part-time panel keep the minimum quorum requirement while four new TVA board nominees await Senate confirmation. But the GOP activist and attorney said he wants to spend more time leading a national political fundraising organization, American Crossroads, “which I believe will become an important player in the future of American politics.”