Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 319

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 319
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 Business Officer20002025Timothy S. Rausch(5)Retiring Executive Vice President and Chief Nuclear Officer20182020David B. Fountain(6)Former Executive Vice President and General Counsel20202021

Notes

(1)  Mr. Moul was named President and Chief Executive Officer effective April 9, 2025.

(2)  On January 29, 2025, Mr. Lyash gave notice to the TVA Board of his intent to retire.  The TVA Board conducted a search for a new CEO, and Mr. Moul was selected effective April 9, 2025.  Mr. Lyash assisted with the CEO transition and retired effective May 1, 2025.

(3)  Mr. Rice was named Senior Vice President and Chief Financial Officer effective January 27, 2025, and his title changed to Executive Vice President and Chief Financial Officer effective July 28, 2025.

(4)  Mr. Thomas was named Executive Vice President and Chief Financial and Strategy Officer ("CFSO") in June 2021 and held the Chief Financial Officer position since June 2010.  He retired on March 8, 2025. 

(5)  Mr. Rausch was named Executive Vice President and Chief Nuclear Officer in October 2018.  On July 14, 2025, Mr. Rausch informed Mr. Moul of his intention to separate from service no later than March 1, 2026.  As of September 30, 2025, Mr. Rausch was not performing the functions of an executive officer. 

(6)  Mr. Fountain separated from service from TVA on June 1, 2025.

Executive Summary

Financial Performance Highlights Related to Incentive Plans.   For 2025, the scorecard results for the Executive Annual Incentive Plan ("EAIP") were 145.6 percent of the target opportunity, except for the retired CEO, for whom the scorecard results were 114.8 percent.  The following factors contributed to overall performance:

•Achieved top decile performance in Serious Injury Incident Rate;

•Remained in sound financial health; 

•Strong combined cycle, hydro, and coal reliability performance achieved during record demand peaks; and

•Lower than threshold Nuclear Performance Indicator due to unplanned outages and derates at all sites.

In addition, for the three-year performance cycle ending September 30,