By Chris Taylor
Knoxville, TN – The Tennessee Valley Authority board at its first meeting with four newly appointed members has voted to give President and CEO Tom Kilgore a 10% increase in his long-term compensation largely based on incentives, to $3.6 million. That's a 10% jump in his total compensation and includes his annual salary of $850,000, which was not increased for 2010. Kilgore said he has not received any increase in two years.
Kilgore says a decision about 2010 bonuses for other executives will be made later this month. There was no bonus last year due to the economy and the utility's December 2008 coal ash spill that is costing $1.2 billion to clean up at its Kingston, Tennessee plant.