TENNESSEE VALLEY AUTHORITY (NYSE:TVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 28, 2019, the United States Senate confirmed the nomination of John L. Ryder to serve on the TVA Board of Directors (the “Board”).Mr. Ryder will become a member of the Board after the Presidential commissioning and certain administrative matters have been completed and he has been sworn in.
Mr. Ryder has not yet been assigned to any Board committees.
Mr. Ryder is not party to, and does not have a direct or indirect material interest in, any transactions or arrangements with TVA other than in connection with his employment as described in this report.
As a director, Mr. Ryder will be entitled to the benefits and arrangements applicable to his office as identified in Item 11 of TVA’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018.
About TENNESSEE VALLEY AUTHORITY (NYSE:TVE)
Tennessee Valley Authority (TVA) operates a public power system and supplies power in Tennessee, northern Alabama, northeastern Mississippi, and southwestern Kentucky and in portions of northern Georgia, western North Carolina, and southwestern Virginia. The Company manages the Tennessee River, its tributaries and certain shorelines to provide navigation, flood damage reduction and electricity, among others. The Company is a wholesaler of power. The Company sells power to local power company customers of TVA (LPCs), which then resell power to their customers at retail rates. TVA’s LPCs consist of municipalities and other local government entities (municipalities), and customer-owned entities (cooperatives). TVA has approximately three nuclear sites consisting of over six units in operation and approximately one unit under construction. The Company’s transmission system has approximately 70 interconnections with over 10 neighboring electric systems.