[8-K] Tennessee Valley Authority Reports Material Event
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Tennessee Valley Authority appointed Michael D. Skaggs as Interim President and Chief Executive Officer, with his term running from April 24, 2026 to April 24, 2027. He succeeds Donald A. Moul, who previously announced plans to retire on July 1, 2026.
Skaggs, age 65, is a longtime TVA veteran who served from 1994 until his retirement in January 2022, including roles as Executive Vice President and Chief Operating Officer and multiple senior nuclear operations positions. He will receive an annual salary of $500,000 and may earn additional lump-sum compensation at the end of his term if performance criteria set by the TVA Board are met.
The TVA Board may remove Skaggs only for Gross Misconduct under his offer letter; removal for other reasons could trigger accelerated payment of remaining salary and any additional compensation. The filing notes there are no family relationships or related-party transactions involving Skaggs beyond his employment terms.
Positive
- None.
Negative
- None.
Insights
TVA installs an experienced insider as interim CEO with defined one-year term and structured pay.
The Tennessee Valley Authority named longtime executive Michael D. Skaggs interim President and CEO from April 24, 2026 to April 24, 2027, bridging the period around Donald Moul’s previously announced July 2026 retirement. His deep history in TVA’s nuclear and operations roles suggests continuity.
Compensation is an annual salary of $500,000 plus potential lump-sum additional compensation after his term if TVA Board criteria are satisfied. Removal is limited to defined Gross Misconduct, while other removals could accelerate salary and additional pay, giving Skaggs contractual protection during this transition period.
There is no indication of related-party transactions or family relationships with other TVA leaders, which keeps the focus on his operating background. Subsequent TVA disclosures may elaborate on successor selection beyond the interim term or on how the Board evaluates performance for the potential additional compensation.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Interim CEO term start: April 24, 2026
Interim CEO term end: April 24, 2027
Annual salary: $500,000
+3 more
6 metrics
Interim CEO term start
April 24, 2026
Start date of Michael D. Skaggs’s interim CEO term
Interim CEO term end
April 24, 2027
End date of Michael D. Skaggs’s interim CEO term
Annual salary
$500,000
Compensation for Michael D. Skaggs as interim CEO
Age of interim CEO
65
Age of Michael D. Skaggs at appointment
Prior TVA service span
1994–January 2022
Period Skaggs previously worked at TVA
Moul retirement date
July 1, 2026
Previously announced retirement date of Donald A. Moul
Key Terms
Gross Misconduct, Additional Compensation, Offer Letter, Executive Vice President and Chief Operating Officer, +1 more
5 terms
Gross Misconduct financial
"The TVA Board may remove Mr. Skaggs from office only for Gross Misconduct, as defined in his offer letter"
Additional Compensation financial
"Skaggs may be entitled to receive additional compensation (“Additional Compensation”), payable as a lump sum within two months"
Offer Letter regulatory
"a copy which is attached hereto as Exhibit 10.1 (“Offer Letter”)"
Executive Vice President and Chief Operating Officer financial
"as Executive Vice President and Chief Operating Officer from October 2018 to June 2021"
Interim President and Chief Executive Officer financial
"appointed as TVA’s new Interim President and Chief Executive Officer, starting April 24, 2026"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13, 15(d), or 37 of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2026
(Exact name of registrant as specified in its charter)
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(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 24, 2026, the Tennessee Valley Authority (“TVA”) announced that Michael D. Skaggs has been appointed as TVA’s new Interim President and Chief Executive Officer, starting April 24, 2026, and ending on April 24, 2027. Mr. Skaggs will succeed Donald A. Moul, who previously announced his intention to retire on July 1, 2026.
Mr. Skaggs, age 65, served at TVA from 1994 until his retirement in January 2022. After joining TVA in 1994 as Manager of Projects at Watts Bar Nuclear Plant (“Watts Bar”), Mr. Skaggs held several management positions, including Executive Vice President and Advisor to the CEO from June 2021 to January 2022, as Executive Vice President and Chief Operating Officer from October 2018 to June 2021, as Executive Vice President, Operations from October 2016 to September 2018, as Senior Vice President, Watts Bar Operations and Construction from September 2013 to October 2016, as Senior Vice President, Nuclear Construction from February 2012 to September 2013, as Senior Vice President of Nuclear Generation Development and Construction from October 2011 to February 2012, as Site Vice President of Sequoyah Nuclear Plant from November 2010 to October 2011, as Vice President of Nuclear Operations Support from December 2009 to November 2010, as Site Vice President at Watts Bar from July 2005 to December 2009, and as Site Vice President at Browns Ferry Nuclear Plant from July 2004 to July 2005.
Mr. Skaggs will be entitled to an annual salary of $500,000. In addition, Mr. Skaggs may be entitled to receive additional compensation (“Additional Compensation”), payable as a lump sum within two months of the end of his term, if he meets certain criteria established by the TVA Board of Directors (“TVA Board”).
The TVA Board may remove Mr. Skaggs from office only for Gross Misconduct, as defined in his offer letter, a copy which is attached hereto as Exhibit 10.1 (“Offer Letter”). Removal for any other reason may entitle Mr. Skaggs to receive an accelerated payment of any remaining salary and the Additional Compensation. The foregoing description of the compensation to which Mr. Skaggs is entitled is qualified in its entirety by reference to the Offer Letter.
There are no family relationships between Mr. Skaggs and any director, executive officer, or person nominated or chosen to become a director or executive officer of TVA. Mr. Skaggs does not have a direct or indirect material interest in any transaction or arrangement in which TVA is a participant other than in connection with his employment as described in this report.
Item 9.01 Financial Statements and Exhibits.
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT | ||||
| 10.1 | Offer Letter Between TVA and Michael D. Skaggs Dated as of April 24, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Tennessee Valley Authority | |||||
| (Registrant) | |||||
| Date: April 24, 2026 | /s/ Thomas C. Rice | ||||
| Thomas C. Rice | |||||
| Executive Vice President and Chief Financial Officer | |||||
EXHIBIT INDEX
This exhibit is filed pursuant to Item 5.02 hereof.
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT | ||||
10.1 | Offer Letter Between TVA and Michael D. Skaggs Dated as of April 24, 2026 | ||||
FAQ
Who is the new interim CEO of Tennessee Valley Authority (TVC)?
Tennessee Valley Authority appointed Michael D. Skaggs as its Interim President and Chief Executive Officer. His term runs from April 24, 2026, to April 24, 2027, succeeding Donald A. Moul, who previously announced plans to retire on July 1, 2026.
What is Michael D. Skaggs’s background before becoming TVA’s interim CEO?
Michael D. Skaggs worked at TVA from 1994 until his retirement in January 2022. He held senior roles including Executive Vice President and Advisor to the CEO, Executive Vice President and Chief Operating Officer, and multiple leadership positions at TVA’s nuclear plants and operations organizations.
What compensation will Michael D. Skaggs receive as TVA interim CEO?
As interim CEO, Michael D. Skaggs will receive an annual salary of $500,000. He may also receive additional lump-sum compensation after his term if he meets criteria established by the TVA Board of Directors, as described in his April 24, 2026 offer letter.
How long will Michael D. Skaggs serve as interim CEO of TVA?
Michael D. Skaggs will serve as Interim President and Chief Executive Officer from April 24, 2026, through April 24, 2027. This defined one-year term covers the transition period following Donald A. Moul’s previously announced retirement effective July 1, 2026.
Under what conditions can TVA remove Michael D. Skaggs as interim CEO?
The TVA Board may remove Michael D. Skaggs from office only for Gross Misconduct, as defined in his offer letter. Removal for any other reason may entitle him to accelerated payment of any remaining salary and potential additional compensation described in that agreement.