ATHENS, Ala. – Tennessee Valley Authority President Tom Kilgore will be eligible to earn up $3.6 million this year under an executive pay plan adopted today.
TVA directors agreed to boost Kilgore’s pay by $325,000 if the federal utility meets all of its performance standards. Kilgore’s base pay of $850,000 a year will not change.
Towers Watson, compensation consultants for TVA, said even with the increase, TVA’s CEO will still be eligible for only about half the average salary of CEOs at comparable investor-owned utilities.
TVA will disclose what Kilgore was paid in fiscal 2010 when it releases financial results later this month.
Last year, TVA suspended any bonus pay to Kilgore and other executives following the coal ash spill in late 2008 at the Kingston Fossil Plant.
Kilgore was paid just under $1.2 million in fiscal 2009, down from $2.47 million in fiscal 2008.
For complete details, see tomorrow’s Time sfree Press.