UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13, 15(d), or 37 of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): December 3, 2007
TENNESSEE
VALLEY AUTHORITY
(Exact
name of registrant as specified in its charter)
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A
corporate agency of the United States created by an act of
Congress
(State
or other jurisdiction of incorporation or
organization)
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000-52313
Commission
file number
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62-0474417
(I.R.S.
Employer Identification No.)
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400
W. Summit Hill Drive
Knoxville,
Tennessee
(Address
of principal executive offices)
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37902
(Zip
Code)
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(865) 632-2101
(Registrant’s
telephone number, including area code)
None
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Approval
of Performance Award for Senior Vice President and
Treasurer
On
December 3, 2007, President and Chief Executive Officer Tom Kilgore approved
a
lump sum performance award of $50,000 to John M. Hoskins, Senior Vice President
and Treasurer, in recognition of Mr. Hoskins’ service as TVA’s Interim Chief
Financial Officer and Executive Vice President, Financial Services. A
copy of the award approval is attached as Exhibit 99.1 hereto.
Appointment
of Principal Accounting Officer
On
December 4, 2007, TVA announced the appointment of John M. Thomas III as
Vice
President and Controller and its Chief Accounting Officer, effective January
7,
2008.
Mr.
Thomas will be responsible for the development and maintenance of TVA accounting
policies and practices, compliance with SEC reporting requirements including
disclosures, internal controls, and financial reports, development of policy
and
methods for business planning, budgeting and financial management, and ensuring
consistency with TVA financial policy. In addition, he will provide
oversight and analysis of financial and performance reporting and he will
serve
as the primary management point of contact for the Audit and Ethics
Committee.
Mr.
Thomas, age 44, has been the General Manager, Operations Business Services
at
TVA since 2006. In this position, he is responsible for financial and
performance reporting and budgeting for TVA’s operations organizations including
Nuclear Generation, Fossil Generation, River Operations, Power System
Operations, and Commercial Operations and Fuels. In addition, he has
responsibility for administration of capital planning and prioritization
and
benchmarking. Mr. Thomas joined TVA in 2005 as Senior Advisor for the
Bulk Power Trading organization. Prior to joining TVA, Mr. Thomas was
Chief Financial Officer in 2005 for Benson Security Systems, a security system
integrator located in Gilbert, Arizona. In that position he was
responsible for strategic planning, accounting operations, treasury and
financial reporting. From 2003 to 2005, Mr. Thomas was Controller,
Progress Fuels Corporation and from 2001 to 2003 was Controller, Progress
Ventures Inc., both subsidiaries of Progress Energy, a diversified energy
company, in Raleigh, North Carolina. In those positions, Mr. Thomas
was responsible for accounting operations, financial reporting, forecasting,
and
risk management.
Mr.
Thomas has a B.A. in Accounting and a B.A. in Business Management from North
Carolina State University in Raleigh, North Carolina.
Mr.
Thomas will receive an annual salary of $240,000. He will be a
participant in TVA’s Executive Annual Incentive Plan with an annual
incentive opportunity of 45 percent of his annual salary in 2008, and
in TVA’s Long-Term Incentive Plan with a long-term incentive opportunity of
30 percent of his annual salary (beginning with the performance
cycle ending on September 30, 2008). Mr. Thomas will also
receive a vehicle allowance of approximately $9,100 per year.
There
are
no family relationships between Mr. Thomas and any director, executive
officer, or person nominated or chosen to become a director or executive
officer
of TVA. Mr. Thomas is not party to, and does not have a direct or indirect
material interest in, any transactions or arrangements with TVA other than
in
connection with his employment as described in this report.
Item
9.01 Financial Statements and Exhibits
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EXHIBIT
NO.
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DESCRIPTION
OF EXHIBIT
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99.1
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Approval
of Lump Sum Performance Award for John M. Hoskins Dated December
3,
2007
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Tennessee
Valley
Authority
(Registrant)
Date:
December 6,
2007 /s/
Kimberly S.
Greene
Kimberly
S. Greene
Chief
Financial Officer
and
Executive
Vice President, Financial
Services
EXHIBIT
INDEX
This
exhibit is filed pursuant to Item
5.02.
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EXHIBIT
NO.
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DESCRIPTION
OF EXHIBIT
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99.1
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Approval
of Lump Sum Performance Award for John M. Hoskins Dated December
3,
2007
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