TVA board votes no 2012 increase in executive pay - WRCBtv.com | Chattanooga News, Weather & Sports

TVA board votes no 2012 increase in executive pay

CHATTANOOGA (AP) - The Tennessee Valley Authority board has voted to continue a freeze on executive pay for fiscal 2012, including President and CEO Tom Kilgore's base pay and performance incentives in a compensation package that will again exceed $3.5 million.

Kilgore is among the highest paid federal employees in the U.S., but board members said he is not among the highest paid CEOs of major utilities.

The board at its Thursday meeting in Starkville, Miss., said the vote keeps the nation's largest public utility in line with a federal salary freeze.

Kilgore reported that TVA met performance goals in most areas. He rated nuclear lowest, saying it gets a D or "not a passing" grade, partly for problems of not making budget and a delay in the Watts Bar Unit 2 reactor.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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