Tennessee Valley Authority Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by the Tennessee Valley Authority (TVA), a corporate agency of the United States, on December 28, 2009. The report covers events occurring on December 24, 2009, specifically regarding the departure of a Board of Directors member.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to corporate governance updates and contains no financial performance data.
Material Changes
The primary material change reported is the departure of William B. Sansom from the TVA Board of Directors. His term, which began in 2006 and originally expired on May 18, 2009, officially ended on December 24, 2009, coinciding with the adjournment of the session of Congress. Under the TVA Act, he was permitted to serve until the end of the congressional session despite his term expiration.
Outlook and Management Commentary
President Obama nominated Mr. Sansom for a second term on December 4, 2009. However, the Senate did not consider the nomination before the session adjourned. If the Senate subsequently approves the nomination, Mr. Sansom's second term would expire in 2014. No other risks, contingencies, or unusual items were disclosed in this filing.
Key Facts for Investor Verification
- William B. Sansom's tenure as a TVA Director ended on December 24, 2009.
- Mr. Sansom was nominated for a second term expiring in 2014, pending Senate approval.
- The Senate failed to act on the nomination prior to the adjournment of the congressional session.
- This filing contains no financial results or operational metrics.