Monday, November 23, 2020

TVA boosts CEO) salary
Despite President Trump's appeal that the Tennessee Valley Authority cut the pay for its CEO "by a lot," the TVA board has boosted the salary and performance bonuses given to TVA President Jeff Lyash keeping him the highest-paid federal employee in the U.S. Lyash was given a 15% boost in his salary and higher performance bonuses from the previous year, a year in which TVA exceeded most of its goals even amid the coronavirus pandemic. The 58-year nuclear engineer was paid direct compensation of nearly $3.8 million in the fiscal year ended Sept. 30, in addition to another $3.5 million in long-term pension benefits and relocation payments. President Trump called Lyash's pay "ridiculous" and later fired the TVA chairman after he defended the pay. TVA is an independent federal corporation that does not receive taxpayer funding and the board is directed to pay competitive salaries and benefits to its employees. The TVA board has asked outside counsel to give an opinion to the board on the legal requirements for executive compensation.


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