Advertisement
  1. Business

After quick ousting at Duke Energy, Bill Johnson named CEO of Tennessee Valley Authority

Published Nov. 6, 2012

The Tennessee Valley Authority on Monday named former Progress Energy CEO Bill Johnson the new head of its $11 billion, federally owned electricity operation.

Johnson, 58, replaces Tom Kilgore, 64, the TVA's first president and CEO. Kilgore will remain in the position until Johnson takes over Jan. 1.

"We are very fortunate to have someone of Bill Johnson's caliber as TVA's next president and CEO," TVA board chairman Bill Sansom said in a news conference at its Knoxville headquarters. "Bill is a seasoned CEO with deep experience leading a company with a diverse energy portfolio — from coal and gas, to nuclear, hydro and renewables."

Johnson was set to lead the new Duke Energy after it merged with Progress Energy in July. But the new Duke board of directors fired Johnson after about 20 minutes in the position, later citing his handling of Progress' fleet of nuclear power plants.

In particular, the board noted the troubles at Progress' broken Crystal River nuclear plant, Johnson's lack of transparency concerning the plant's operation and his overall leadership style.

The 36-year-old Crystal River nuclear plant has sat idle for three years because of a botched maintenance and repair job and might never return to service. Some repair estimates top $3.5 billion.

Duke gave Johnson $44 million severance package. TVA will pay him $950,000 a year plus up to $3 million in other compensation.

TVA provides electricity for business customers and distribution utilities that serve 9 million people in parts of seven southeastern states at prices below the national average.

The corporation also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.

Ivan Penn can be reached at ipenn@tampabay.com or (727) 892-2332.

ALSO IN THIS SECTION

  1. The lobby bar at the Current Hotel on Rocky Point in Tampa serves eclectic cocktails and locally brewed coffee. SARA DINATALE  |  Tampa Bay Times
    Take a look inside Tampa Bay’s newest boutique hotel.
  2. The Florida Supreme Court building in Tallahassee. SCOTT KEELER  |  Times
    The Tampa Bay Partnership, Greater Tampa Chamber of Commerce and Tampa-Hillsborough Economic Development Corp. filed a brief in the Florida Supreme Court.
  3. Tech Data's headquarters in Largo. TD AGENCY  |  Courtesy of Tech Data
    Largo’s Tech Data would be the fourth in as many years, though the potential sale seems far from a done deal.
  4. Former WTSP-Ch. 10 news anchor Reginald Roundtree, shown here with his wife Tree, filed a lawsuit Friday against his former employer alleging he was fired because of age discrimination and retaliation. [Times file] WTSP  |  FACEBOOK
    The suit comes after a federal agency took no action on age discrimination complaints he had filed.
  5. Guests of the Flying Bridge at the Tradewinds Resort, which is now under new ownership. [DOUGLAS R. CLIFFORD  |  Times]
    The new owner says he plans to keep its management and 1,100 employees.
  6. The University of South Florida has earned national accolades for its push to raise graduation rates. Student loan debt in Florida is so crushing that it makes it hard to afford a house.
    Staggering debt loads make it hard to buy a home.
  7. The “nakation” — aka clothing-optional tourism — is becoming one of the fastest-growing segments of the travel industry. Shirking that outer layer at nude beaches and resorts and even on clothing-optional cruises has become the vacation choice du jour for hundreds of thousands of free-spirited Americans. AP Photo/Caleb Jones
    It’s certainly bringing in big bucks in Florida, where the state’s tourism department reports that nude recreation made a $7.4 billion economic impact in the Sunshine State last year.
  8. Bay area gas prices increased by double digits since last week, according to AAA, The Auto Club Group. Pictured is a man in St. Petersburg filling up in 2017. [DIRK SHADD   |   Times (2017)] SHADD, DIRK  |  Tampa Bay Times
    Oil refineries’ seasonal maintenance, as well as wholesale gas prices, pushed prices higher.
  9. Former Morgan Stanley investment broker Ami Forte has been permanently barred from working in the broker-dealer industry as a result of thousands of improper trades that were made in the accounts of Home Shopping Network co-founder Roy Speer during the last months of his life. (AP photo | 2016) TAMARA LUSH  |  Associated Press
    Financial regulators barred brokers Ami Forte and Charles Lawrence as a result of more than 2,800 trades on Roy Speer’s accounts in 2011 and 2011.
  10. A conveyor belt takes bags of food from ghost restaurants to a room where delivery drivers pick up orders at Kitchen United's Chicago location on Aug. 29, 2019. Kitchen United, a start-up that builds kitchen commissaries for restaurants looking to enter new markets through delivery or take-out only, has plans to open 40 more kitchens in cities across the U.S. through 2020. (AP Photo/Teresa Crawford) TERESA CRAWFORD  |  AP
    Owner Michael Kudrna launched the four spinoffs earlier this year in a matter of weeks as he races to keep his Chicago-area business ahead of a growing trend.
Advertisement
Advertisement
Advertisement