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. The report date is June 30, 2011, covering the confirmation of a new Board of Directors member.
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 confirmation by the United States Senate on June 30, 2011, of Richard Howorth's nomination to the TVA Board of Directors. Mr. Howorth is expected to join the Board following the completion of administrative matters and his swearing-in. His term is set to expire in 2015.
Guidance, Outlook, and Management Commentary
The filing contains no financial guidance, outlook, or management commentary regarding future performance. It notes that Mr. Howorth has no direct or indirect material interest in transactions with TVA other than his directorship. His compensation and benefits will align with arrangements applicable to his office as detailed in Item 11 of TVA's 2010 Form 10-K.
Key Facts for Investor Verification
- Richard Howorth was confirmed by the Senate on June 30, 2011, to serve on the TVA Board of Directors.
- Mr. Howorth's term is scheduled to expire in 2015.
- He has not yet been assigned to specific Board committees.
- Mr. Howorth is the owner of Square Books and previously served as mayor of Oxford, Mississippi.
- The filing confirms no material conflicts of interest or undisclosed transactions involving Mr. Howorth.