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 March 13, 2008. The report addresses a specific governance event regarding the Board of Directors.
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 does not contain financial performance data.
Material Changes
The primary material change reported is the confirmation of a new Board member:
- Event: The U.S. Senate confirmed the nomination of Thomas C. Gilliland to the TVA Board of Directors on March 13, 2008.
- Term: Mr. Gilliland's term is set to expire on May 18, 2011.
- Background: Mr. Gilliland, age 60, recently retired as Executive Vice President, Secretary, General Counsel, and Director for United Community Banks, Inc., a bank holding company with approximately $8.0 billion in assets.
- Compensation: He will receive benefits and arrangements applicable to his office as identified in Item 11 of TVA's Annual Report on Form 10-K for the fiscal year ended September 30, 2007.
Outlook, Risks, and Contingencies
The filing states that Mr. Gilliland will take office after being sworn in, though a specific date for the swearing-in has not yet been set. The report confirms there are no family relationships between Mr. Gilliland and any other director or executive officer. Furthermore, Mr. Gilliland has no direct or indirect material interest in any transactions with TVA other than his employment as a director.
Key Facts for Investor Verification
- Verify the exact date Mr. Gilliland is sworn in to confirm the start of his official duties.
- Review Item 11 of TVA's 2007 Form 10-K to understand the specific compensation and benefits package applicable to the new director.
- Confirm that no other undisclosed transactions or arrangements exist between Mr. Gilliland and TVA beyond his directorship.