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TVA pays $552,488 severance to outgoing nuclear chief

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CHATTANOOGA, TN (Times Free Press) -

TVA nuclear chief Preston Swafford will be paid an extra $552,488 as severance for leaving the federal utility by October.

In a Securities and Exchange filing today, the Tennessee Valley Authority said Swafford's resignation is considered "an approved termination" and he will also be eligible for executive bonuses and incentive awards paid to top managers this year.

Swafford, 53, announced this week he will retire from TVA by October. He is being replaced by Joseph P. Grimes, an executive with Exelon Nuclear.

Grimes, who has worked in the utility industry for 30 years, is scheduled to start work with TVA around Labor Day. In a statement this week, TVA Chief Generation Officer Charles "Chip" Pardee, also a former Exelon executive, said that Grimes is the right person to lead TVA's nuclear division.

Read more from our news partners at the Chattanooga Times Free Press.

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