The CEO of the Tennessee Valley Authority was paid nearly $6 million for fiscal year 2013, according to the TVA’s year-end financial report filed today with the U.S. Securities and Exchange Commission.
Chief Executive Officer Bill Johnson’s $5.9 million salary was for his nine months on the job in fiscal year 2013 and is almost $2 million more than the utility paid retired CEO Tom Kilgor, during his last year with the agency. He made just under $4.03 million.
The utility said that even with the increase Johnson's pay is still below the industry average.Most of his salary came from performance incentives of nearly $2.6 million and deferred compensation payments of $2.06 million. His base salary for nine months of work was $712,500.
Meanwhile, other top executives at TVA saw a decline in pay.
Chief financial officer, John Thomas, received $2.1 million in 2013, or 3.3 percent less than in 2012. TVA's chief counsel, Ralph Rogers, received 25 percent less than the previous year with pay of $1.9 million.