TVA president could earn more than $1M extra

CHATTANOOGA, Tenn. (AP) – The Tennessee Valley Authority’s president and CEO could earn more than $1 million extra this year.

The Chattanooga Times Free Press reported the agency’s board voted unanimously on Thursday to raise Bill Johnson’s salary and performance pay after the 60-year-old attorney met all of TVA’s targets for 2014.

TVA nearly doubled its net income, cut its debt and got its nuclear plants off the regulatory watch list in the past year.

Johnson, currently the nation’s highest paid federal employee, is leading an effort to cut $500 million in annual operating costs at TVA by 2015. The agency recently cut 2,000 jobs to help achieve that target.

TVA is the nation’s largest public utility, serving 9 million people in parts of Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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