Company: TVC
Filing Date: 2025-03-31
Form Type: 8-K
Source: 0001376986-25-000020
Chunk: 0

Company: Tennessee Valley Authority
Filing Date: 2025-03-31
Form: 8-K
Item: Item 5.02
Chunk 0
---
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 31, 2025, the Tennessee Valley Authority (“ TVA”) announced that Donald A. Moul has been appointed as TVA’s new President and Chief Executive Officer, starting April 9, 2025. He will succeed Jeffrey J. Lyash, who is retiring from his position with TVA and will continue to serve for up to 30 days to support the transition.

Mr. Moul, age 60, has served as TVA’s Executive Vice President and Chief Operating Officer since June 2021. Before joining TVA, Mr. Moul served as the Executive Vice President, Nuclear Division and Chief Nuclear Officer at NextEra Energy Inc. from January 2020 to May 2021 and as the Vice President and Chief Nuclear Officer of NextEra Energy Inc. from May 2019 to December 2019. He previously held various roles at several subsidiaries of FirstEnergy Corp. Mr. Moul served as Executive on Special Assignment of FirstEnergy Solutions Corp. from March 2019 to May 2019, President and Chief Nuclear Officer of FirstEnergy Generation Companies from March 2018 to March 2019, President of FirstEnergy Generation LLC from April 2017 to March 2018, and Senior Vice President, Fossil Operations and Environmental of FirstEnergy Solutions from August 2015 to April 2017.

In connection with his promotion, Mr. Moul’s salary will increase from $844,052 to $1,200,000. He will continue to be a participant in TVA’s Executive Annual Incentive Plan (“ EAIP”), and his target annual incentive opportunity will increase from 80 percent to 110 percent of his annual salary. For the year ending September 30, 2025, Mr. Moul’s EAIP award will be prorated based on time spent in his two roles. The EAIP award is contingent upon continued employment through September 30, 2025, and is subject to achievement of performance goals.

Mr. Moul will also continue be a participant in TVA’s Long-Term Incentive Plan (“ LTIP”).

• Under the long-term performance (“ LTP”) component of the LTIP, Mr. Moul’s target grant opportunity for the performance cycle ending on September 30, 2025, will increase from $1,500,