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TVA pays new CEO $5.9 million, nearly 50% more than predecessor

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TVA CEO Bill Johnson. Photo by John Rawlston/Times Free Press TVA CEO Bill Johnson. Photo by John Rawlston/Times Free Press
CHATTANOOGA, TN (Times Free Press) -

The Tennessee Valley Authority boosted the pay for its chief executive officer by nearly 50% during fiscal 2013 to a record $5.9 million.

In its year-end financial report filed today with the U.S. Securities and Exchange Commission, TVA said it paid CEO Bill Johnson total compensation of more than $5.9 million during his first nine months as head of the federal utility. Johnson's predecessor, Tom Kilgore, was paid just under $4.03 million in his last full year on the job at TVA before retiring at the end of 2012.

Johnson, the 59-year-old former CEO at Progress Energy, began his job as head of TVA in January. Despite the increase in CEO compensation at TVA, the utility said in a regulatory filing that Johnson's pay is still below average in the industry. Compensation consultants Towers Watson said the average CEO of a comparable size utility was paid nearly $6.8 million in total compensation last year.

Under the TVA act, the federal utility is supposed to pay competitive pay levels to private industry. Johnson's total compensation is believed to be the highest of any federal employee in America.

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

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