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
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Last Update on March 02, 2015 18:30 GMT
WASHINGTON (AP) -- Consumer spending fell for a second consecutive month in January, weakness that was expected to be temporary. Income grew, reflecting strong job gains during the month.
The Commerce Department says consumer spending fell 0.2 percent in January following a 0.3 percent drop in December. Economists had expected a dip, reflecting a big drop in gas prices during the month. That decline should prove to be a positive for the economy going forward, giving consumers more money to spend on other goods.
Income grew 0.3 percent in January as wages and salaries increased a strong $42.4 billion. Analysts expect that solid job gains and low unemployment will bolster consumer spending and lift economic growth this year to what they predict will be the fastest pace in a decade.
WASHINGTON (AP) -- U.S. factories expanded last month at the weakest pace in a year, with orders, hiring and production all growing more slowly.
The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index slipped to 52.9 in February from 53.5 in January. It was the fourth straight drop and the lowest reading since January 2014. Still, any reading above 50 signals expansion.
Measures of production and employment fell sharply, though they remained in expansionary territory. That suggests that factories are still adding jobs but at a slower pace than in January.
U.S. manufacturers have been held back in recent months by weak growth in China, Europe and Japan. That's been partly offset by strong consumer demand in the United States.
WASHINGTON (AP) -- U.S. construction spending fell in January, reflecting weakness in spending on office buildings and other nonresidential projects and in government activity.
The Commerce Department says construction spending fell 1.1 percent in January following a revised 0.8 percent increase in December.
Spending on home construction rose 0.6 percent but spending on nonresidential projects dropped 1.6 percent, reflecting declines in hotels, office buildings and the category that covers shopping centers. Spending on government projects also declined in January, falling 2.8 percent.
Private economists had predicted a small overall gain in January.
HP'S BIG ACQUISITION
SAN FRANCISCO (AP) -- Hewlett-Packard is buying wireless networking company Aruba Networks for about $2.7 billion, the biggest acquisition by HP in recent years.
Palo Alto, Calif.-based HP said the deal will boost its commercial technology business as it prepares to split into two companies, one focused on selling commercial computer systems and the other selling personal computers and printers.
Aruba, based in Sunnyvale, Calif., makes wi-fi networking systems for shopping malls, corporate campuses, hotels and universities.
HP is paying $24.67 in cash for each Aruba share. That is slightly below its close of $24.81 on Friday.
The deal announced Monday is HP's biggest since CEO Meg Whitman launched a turnaround effort aimed at reorganizing in the face of declining revenue.
MADRID (AP) -- Spain's economy minister says eurozone nations are negotiating a third bailout for financially strapped Greece that would give the country as much as 50 billion euros ($56 billion).
Luis de Guindos also says that "Greece will not leave the eurozone" because that would not be good for the country or the other 18 countries that also use the common euro currency.
De Guindos says that the bailout would provide between 30 billion euros and 50 billion euros.
He spoke Monday at an economic conference in the city of Pamplona and his comments were sent via email to media outlets.
De Guindos says "the central scenario for Greece is a deal on the basis of the current bailout, and new conditions to be set with flexibility."
MORGAN STANLEY-NY LAWSUIT
NEW YORK (AP) -- Morgan Stanley, which agreed to a $2.6 billion settlement with the federal government last week, says it expects to be sued by New York Attorney General Eric Schneiderman over subprime mortgage bonds.
The bank says it was told about the lawsuit in January and that it will involve about 30 subprime securities. Morgan Stanley say the lawsuit will say that it misrepresented or omitted important information related to loans and the properties securing them.
On Wednesday Morgan Stanley said it would pay $2.6 billion to settle with the federal government over its role in the mortgage bubble and subsequent financial crisis. Wall Street banks have paid tens of billions in similar settlements over the last two years, and Morgan Stanley has reached smaller settlements with federal and state agencies.
BRUSSELS (AP) -- The European Union is giving member states the power to ban the cultivation of genetically-modified crops even if they have been approved by the bloc's food safety authority.
The 28 EU member states on Monday approved the rule that national governments can have the final say in the matter -- a move that goes counter to many EU initiatives, which traditionally seek a common stance on EU policies.
Mute Schimpf of Friends of the Earth Europe says the new law "is a massive opportunity for national governments to shut the door on biotech crops in Europe."
Only one GM crop -- corn -- is planted in the EU so far, predominantly in Spain. Under the rules, governments would still have to consult biotech companies when banning a crop.
PARIS (AP) -- France is ordering manufacturers to inform consumers how long they can expect their TV, cell phone or other appliance to last -- before they buy it.
A new French government decree that came into effect this week aims at fighting so-called planned obsolescence. That is when companies design strategies to limit the life span of appliances, so that consumers will have to replace them.
The measure requires manufacturers to inform vendors how long spare parts for an appliance will continue to be produced. The vendor is then required to inform the buyer, in writing. Violators face up to 15,000 euros ($16,800) in fines.
A similar French measure coming into effect next year will require manufacturers to replace or repair faulty appliances for free for the first two years after purchase.
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