Departing TVA nuclear chief to get bonus

Departing TVA nuclear chief to get bonus


CHATTANOOGA (AP) - The Tennessee Valley Authority's nuclear power chief will get an extra half-million dollars for leaving the utility by October.

The Chattanooga Times Free Press reported Preston Swafford's departure by the beginning of TVA's new fiscal year is labeled an "approved termination" in a filing with the Securities and Exchange Commission on Friday.

He will be eligible for executive bonuses top managers are to receive this year. Swafford's amount will be $552,488.

Swafford joined TVA in 2006. He was paid $2.3 million in 2012 as the federal utility's vice president in charge of TVA's three operating nuclear power plants.

During his tenure, the Browns Ferry Nuclear Plant was red-flagged by the Nuclear Regulatory Authority for failing to detect problems with a key safety system valve.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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