TVA increases top execs' pay; Duncan criticizes decision

TVA increases top execs' pay; Duncan criticizes decision

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CHATTANOOGA (AP) - The Tennessee Valley Authority paid many of its top executives substantially more in fiscal 2012 than in the year before.

TVA's fiscal year ended Sept. 30 and year-end figures were released Friday by the government utility.

The Chattanooga Times Free Press reported TVA CEO Tom Kilgore's salary was down a fraction from the year before, but performance bonuses and deferred retirement benefits pushed his 2012 total compensation to more than $4 million - up nearly 2%.

The largest pay jump fell to Kimberly S. Greene, who oversaw improvements in fossil fuel power generation in the last year. Her salary went up 50% to $3.57 million.

Chief financial officer John Thomas earned 32% more for trimming utility expenses when power sales came in $800 million short.

U.S. Congressman John J. Duncan, Jr. said in a news release that he was displeased with the announcement.

"I think some of the compensation is ridiculously excessive. To give pay raises as high as 50% in times of relatively low inflation is just wrong and unfair to the ratepayers," Duncan said. "Because East Tennessee is one of the most popular places to live in the entire country, TVA can get outstanding people at its top level without paying these extraordinary salaries.

"This is especially cruel in a time when almost all other federal employees have had their salaries frozen and millions of private sector workers have had their salaries go down."

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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