Business Context and Reporting Period
This Form 8-K Current Report is filed by the Tennessee Valley Authority (TVA), a corporate agency of the United States, on June 1, 2010. The report discloses a material change in executive leadership regarding the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
Executive Appointment: John M. Thomas, III, has been appointed as the new Chief Financial Officer, effective June 7, 2010. He succeeds John M. Hoskins, who served as Interim CFO since January 2010. Mr. Hoskins will continue in his role as Senior Vice President and Treasurer.
Compensation Package (Fiscal Year 2010):
- Base Salary: $520,000
- Executive Annual Incentive Plan: 65% of salary
- Executive Long-Term Incentive Plan: 125% of salary
- Long-term deferred credit: $50,000 through September 30, 2010, increasing to $100,000 on October 1, 2010
- Vehicle Allowance: $450 biweekly
- Financial Counseling: Included at no cost
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, risk factors, or management commentary regarding the company's financial outlook. It confirms there are no family relationships between Mr. Thomas and other directors or officers, and no material interest in transactions other than his employment.
Investor Verification Checklist
- Verify the effective date of the CFO transition (June 7, 2010).
- Confirm the total potential compensation value based on the stated percentages of the $520,000 base salary.
- Review Mr. Thomas's prior internal roles to assess continuity in financial strategy.
- Check subsequent filings for any changes to the deferred credit terms or incentive plan structures.