Business Context and Reporting Period
This Form 8-K is a current report filed by the Tennessee Valley Authority (TVA), a corporate agency of the United States, on June 4, 2008. The filing addresses Item 5.02 regarding the appointment of a new director to the TVA Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes rather than financial performance.
Material Changes
The primary material change reported is the Senate confirmation of Bishop William Graves of Memphis, Tennessee, to serve on the TVA Board of Directors. His term is set to expire on May 18, 2012. Bishop Graves previously served on the TVA Board from 2006 to 2007.
Outlook, Risks, and Management Commentary
Management notes that Bishop Graves will take office after being sworn in, though a specific date has not been set. His committee assignments have not yet been determined. The filing confirms there are no family relationships between Bishop Graves and any other directors or executive officers. Furthermore, neither Bishop Graves nor his immediate family has a material interest in any transactions with TVA outside of his directorship compensation, which aligns with benefits identified in the 2007 Form 10-K.
Key Facts for Investor Verification
- Bishop William Graves was confirmed by the Senate on June 4, 2008, to join the TVA Board.
- The director's term expires on May 18, 2012.
- Bishop Graves has prior experience on the TVA Board (2006-2007) and previously served on the Board of Memphis Light, Gas and Water, a TVA customer.
- No specific financial data or operational outlook is included in this filing.