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William D. Johnson Named Chief Executive Officer of TVA
The TVA Board of Directors announced today that William D. Johnson, former chairman, president and chief executive officer (CEO) of Progress Energy, Inc., will become president & CEO of the $11 billion federal agency, effective January 1, 2013. Johnson, 58, will succeed Tom Kilgore, 64, who has served as TVA’s first president & CEO since 2006.
TVA Board Chair Bill Sansom said in a press conference at TVA’s Knoxville Headquarters, “We are very fortunate to have someone of Bill Johnson’s caliber as TVA’s next president & CEO. Bill is a seasoned CEO with deep experience leading a company with a diverse energy portfolio – from coal and gas, to nuclear, hydro and renewables. TVA will benefit from his strong leadership skills, deep industry expertise and ability to drive employee engagement.”
"I am excited and honored to be selected to lead this organization in its mission of providing low-cost and ever cleaner energy, and promoting stewardship of the resources of the Tennessee Valley. I am particularly pleased to be following in the footsteps of Tom Kilgore, an outstanding leader whom I have long admired," said Johnson. "TVA and the people who work there have had a dramatic positive impact on the quality of life in the Tennessee Valley, and I look forward to being a part of the dynamic team serving the people of the region."
According to Sansom, Johnson’s annual compensation consists of $950,000 in salary and potential additional compensation of $3 million which is at-risk and may be awarded based on short- and long-term incentives tied to performance objectives and retention incentives.
Johnson was chairman, president and CEO of Progress Energy, Inc., an electric utility based in Raleigh, N.C., from October 2007 to July 2012. He was with Progress Energy (previously CP&L) in a number of roles since 1992, including president and chief operating officer of Progress Energy; group president for Energy Delivery, president and chief executive officer for Progress Energy Service Company, LLC, and general counsel and secretary for Progress Energy, Inc. He was instrumental in the merger between Progress and Duke Energy.
Prior to this, Johnson was a partner with the Raleigh office of Hunton & Williams, where he specialized in the representation of utilities.
Johnson served as vice chair and on the executive committee of the Edison Electric Institute (EEI) and was chairman of the board of directors of the Nuclear Energy Institute (NEI). He was also a member of the boards of directors of the Institute of Nuclear Power Operations (INPO), Nuclear Electric Insurance Limited (NEIL), and other community and charitable organizations. Johnson has held numerous leadership positions at the state and local level, including serving as chairman of the North Carolina Chamber.
He graduated from Duke University summa cum laude with a bachelor's degree in history, and received a law degree with high honors from the University of North Carolina at Chapel Hill in 1982.
Kilgore will continue to lead TVA until Johnson’s arrival, and then support his smooth transition into the Federal agency. Johnson will operate from TVA’s headquarters in Knoxville.
For more information including a TVA fact sheet and bios click here http://tva.com/media/.
Monday, November 5 2012, 04:31 PM EST
More Business News
Last Update on April 17, 2014 17:08 GMT
WASHINGTON (AP) -- The number of people applying for U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase.
The Labor Department says that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That is the lowest four-week average since October 2007, just two months before the Great Recession started. The average has fallen by 53,500 applications over the past 12 months.
Applications are a proxy for layoffs. The current level of claims suggests that employers are holding on their workers with the expectation of stronger economic growth ahead.
Employers added 192,000 jobs in March and 197,000 in February, the Labor Department reported. Hiring has picked up after a slowdown caused by severe winter weather.
WASHINGTON (AP) -- Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the 15-year mortgage eased to 3.33 percent from 3.38 percent.
Mortgage rates have risen about a full percentage point since hitting record lows about a year ago.
Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years. But housing has struggled to maintain momentum. Rising home prices and higher mortgage rates have held back some potential home buyers. Others have had trouble qualifying for mortgages.
NEW YORK (AP) -- Investment bank Goldman Sachs says its first-quarter earnings fell as fixed income trading slumped.
The bank earned $1.9 billion in the quarter, down 11 percent from the same period a year earlier when it made $2.2 billion.
The earnings were equivalent to $4.02 a share. Analysts polled by FactSet had predicted earnings of $3.49 a share.
Revenue totaled $9.3 billion, down 8 percent from a year earlier, when the bank generated revenue of $10.1 billion. The latest quarterly revenue beat analysts' expectations of $8.7 billion.
Goldman's stock rose $2.78, or 1.8 percent, to $160 in pre-market trading.
NEW YORK (AP) -- PepsiCo reports a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world.
The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, says global snack volume rose 2 percent while beverages were even from a year ago.
In its closely watched North American beverage unit, PepsiCo Inc. says volume was even. Growth in other drinks offset a 1 percent decline in sodas.
For the quarter, the company earned $1.22 billion, or 79 cents per share. Not including one-time items, it earned 83 cents per share, above the 75 cents per share Wall Street expected.
A year ago, it earned $1.08 billion, or 69 cents per share.
Revenue edged up to $12.62 billion, higher than the $12.39 billion analysts expected.
EL SEGUNDO, Calif. (AP) -- Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.
Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets.
The largest U.S. toy maker says its net loss for the three months ended March 31 totaled $11.2 million, or 3 cents per share. That compares with net income of $38.5 million, or 11 cents per share last year. Analysts expected earnings of 7 cents per share.
The company which makes Disney Princess dolls and Hot Wheels cars says revenue fell 5 percent to $946.2 million. Analysts expected $947.6 million. Barbie revenue dropped 14 percent.
NEW YORK (AP) -- Target is vastly expanding the goods that are available to order by subscription as it fends off its biggest non-traditional retail rival, Amazon.com.
The nation's second-largest discounter first dabbled with subscriptions last September, trying to win over haggard parents with 150 baby care products.
That program has been expanded more than tenfold this week to nearly 1,600 items across a much wider array of consumer goods. Everything from beauty products and pet supplies, to home office supplies like printer ink, are now available through subscription.
Target, based in Minneapolis, is playing catch up in the subscription arena, which has exploded as companies test consumer appetites for almost every niche, from socks to razors, to clothing and entertainment.
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