WRCBtv.com | Chattanooga News, Weather & SportsIncentives Cut at TVA
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CHATTANOOGA (WRCB) -- TVA officials announced they are cutting financial incentives for TVA management and employees.
President and Executive Officer Tom Kilgore issued a memo Thursday said he and his direct reports would not receive annual incentive awards for the fiscal year. Kilgore also said that compensation adjustments and lump sums would not be paid at the end of the fiscal year.
The cuts also extend down to employees. Kilgore says in the memo that no annual incentive pay linked to achieving overall objectives would be paid. But annual incentive pay tied to performance of individual units would remain in place.
In the memo, Kilgore said TVA's power sales were down substantially, eroding revenue. He also said the expenses will increase significantly over the next few years because of the clean-up from the Kingston ash spill and the North Carolina lawsuit decision.
Kilgore says "I know that in these tough economic times, this news will be disappointing to our employees, but it is a realization of the challenges we face. I am grateful to everyone for their understanding."
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