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 January 3, 2012, covering events occurring on that date regarding the departure of Board of Directors members.
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 and contains no financial performance data.
Material Changes
The primary material change reported is the departure of three directors from the TVA Board of Directors:
- Dennis C. Bottorff
- Robert M. Duncan
- Thomas C. Gilliland
Their terms of office expired on May 18, 2011. However, under the TVA Act, they were permitted to continue serving until the adjournment of the current session of Congress, which occurred on January 3, 2012.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items. The document is limited to the notification of the directors' departure.
Key Facts for Investor Verification
- Three directors (Bottorff, Duncan, and Gilliland) ceased serving on the Board on January 3, 2012.
- The departure was triggered by the adjournment of the session of Congress, as their original terms had expired in May 2011.
- The report was signed by John M. Thomas, III, Chief Financial Officer, on January 4, 2012.
- No financial results or operational metrics are disclosed in this specific filing.