Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 46

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 15
Chunk 46
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 of this session of Congress.

On January 13, 2025, TVA announced that Thomas C. Rice had been appointed as TVA’s new Senior Vice President and Chief Financial Officer, effective January 27, 2025.  Mr. Rice will be responsible for directing all of TVA’s financial functions, including treasury, risk management, accounting, financial operations and performance, financial planning and investor relations.  He will succeed John M. Thomas, III, who, on December 2, 2024, announced his retirement from TVA effective March 7, 2025, as reported by TVA on December 5, 2024.  Until his retirement, Mr. Thomas will serve as Executive Vice President and Advisor to the Chief Executive Officer ("CEO") and assist with the transition of his responsibilities.

On January 29, 2025, Jeffrey J. Lyash, TVA's President and CEO, notified his executive leadership team, and the TVA Board, of his intention to retire no later than October 2, 2025.  Mr. Lyash will continue to serve in his current role as TVA undergoes a search for a new President and CEO.

Executive Actions

On January 20, 2025, President Trump issued an executive order (“EO”) that revoked a number of EOs, including the following EOs discussed in Part I, Item 1, Business — Environmental Matters — Climate Change — Executive Actions in TVA's Annual Report on Form 10-K for the year ended September 30, 2024: EO 13990, "Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis"; EO 14008, "Tackling the Climate Crisis at Home and Abroad”; EO 14030, “Climate-Related Financial Risk”; EO 14057, "Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability"; EO 14082, “Implementation of the Energy and Infrastructure Provisions of the Inflation Reduction Act of 2022”; and EO 14096, “Revitalizing Our Nation's Commitment to Environmental Justice for All.”  In addition, on January 21, 2025, the Office of Management and Budget issued Memorandum M-25-11, which requires agencies to immediately pause disbursement of certain funds appropriated under the IRA or the BIL, which may delay any award of grants for which TVA has applied under these acts.  Furthermore, President Trump and the