The president and CEO of the Tennessee Valley Authority (TVA), announced his retirement from the federal agency on Wednesday.
William (Bill) Dean Johnson, who will turn 65 in January, has been with TVA since 2013 and served as its second CEO. He will stay in the position until a replacement takes over.
"TVA has a direct, positive impact on the quality of life in the Tennessee Valley, and I have been privileged and honored to lead this organization and the great people who work here,” said Johnson. “Together we have continued to execute on TVA’s mission of providing low-cost and ever-cleaner energy, partnering to create jobs and bring capital investment to the region, and promoting stewardship of the resources of the Tennessee Valley. The individual who serves as the next CEO will quickly become committed and invested in serving the people of the region – as I have been. And they will continue to position TVA to serve the Valley for generations to come.”
The TVA Board has begun an internal and external search, and the process could take several months.
“Bill Johnson has done a terrific job. His strong leadership and deep industry expertise steered TVA on a course for long-term future success. He improved TVA’s financial health and operational performance, engaged TVA employees and established better relationships with our customers, elected officials, industry regulators and community leaders,” said TVA Board Chair Richard Howorth. “On behalf of the entire Board, I thank him for his dedicated service thus far and his willingness to continue serving until we identify the next leader for this important organization.”
TVA outlined its successes under Johnson's leadership in a press release:
• reducing TVA debt by $3.5 billion to its lowest debt level in 25 years
• reducing the effective price of energy for TVA customers two percent from 2013 levels
• diversifying TVA’s energy portfolio, and making significant progress toward cleaner energy options
• completing and bringing online the nation’s first new nuclear power plant of the 21st century, Watts Bar Nuclear Unit 2, and improving the performance of TVA’s entire nuclear fleet
• completing the Paradise combined-cycle natural gas plant ahead of schedule and $220 million under budget
• completing the state-of-the-art Allen combined-cycle plant for reliability, reduced emissions and flexibility
• completing the $1 billion clean-air improvement project at Gallatin Fossil Plant
• maintaining 99.999 percent reliability in the delivery of TVA power while investing in the power system
• beginning work on a $300 million multi-year initiative to upgrade the power system’s fiber optic telecommunication system
“TVA is well positioned and will continue providing outstanding value for our customers, our partners and the people of the Tennessee Valley. Our Board sees first-hand how Bill’s leadership has set TVA up for success and we are confident that a smooth transition will take place when we announce a successor,” said Howarth.
