Review of federal utility's CEO pay to continue into 2021
NASHVILLE, Tenn. (AP) — The review of a federal utility's CEO compensation following President Donald Trump's criticisms of the pay scale will continue into 2021, according to its board chairman.
John Ryder, Tennessee Valley Authority chairman, said at a board meeting held virtually Friday that results from an independent consultant's review of CEO pay should be ready for the utility's board meeting in February.
The timeline would follow President-elect Joe Biden's inauguration on Jan. 20.
"We're not going to jump the gun and reach a conclusion before we have a thorough and complete review of the system," Ryder told reporters in a call afterward. “So, whatever the outcome of the election is, we will complete our process in accordance with our schedule.”
TVA announced the review in August, after Trump earlier that month fired the former board chairman and another board member and called for CEO Jeff Lyash's replacement and the position’s pay to be capped at $500,000. Since then, the president hasn't similarly lashed out at Lyash, with his own reelection bid, the growing coronavirus pandemic and other issues consuming his attention.
Ryder has reiterated that the review of Lyash’s pay isn’t indicative of his performance. Lyash's leadership — for instance, in navigating the ongoing coronavirus pandemic and Tennessee tornadoes early in the year — drew high praise during Friday’s meeting.
Additionally, Lyash announced Friday that TVA will focus on incentivizing electric vehicles, including new policies about allowing people to resell electricity for vehicle charging; a discounted separate power rate for public electric vehicle charging equipment; and possibly some funding for the initial wave of charging infrastructure.
The federal TVA Act requires TVA to...
