Tennesse Vally Authority CEO, Bill Johnson, was paid $6.45 million in the fiscal year 2016. Johnson the highest paid federal employee.
Lots of money to be made off of the taxpayers.
TVA executives who helped lead the utility to record earnings in the past year shared in record high performance bonuses, according to financial filings today with the U.S. Securities and Exchange Commission.
TVA President Bill Johnson was paid a record $4.9 million in salary and performance bonuses in in the fiscal year ended Sept. 30, up 7.4 percent from what he was paid in salary and bonuses the previous year. Including the value of his pension and other payments, Johnson’s total compensation in fiscal 2016 totaled $6.45 million, making him again this year the highest paid federal employee in America.
Johnson, a former Progress Energy CEO recruited to TVA four years ago, was still paid in the bottom quartile of top utility CEOs in the private sector, according to pay consultants who study executive compensation. The $4.9 million paid to the TVA CEO in the past year was 40 percent below the median pay for comparable CEOs in the utility industry, according to a study by the Towers Watson consulting group.
Johnson’s $950,000-a-year salary, before any performance pay, did not change in the past year even though TVA continued to perform better on most of its metrics in the past year, including earning a record $1.2 billion with lower average electric rates for customers.
Via Times Free Press