Tennessee Valley Authority gets new president and CEO

KNOXVILLE, Tenn. (AP) — The nation’s largest public utility is getting a new leader.

The Knoxville News Sentinel reports Jeffrey Lyash will take over as president and CEO of the Tennessee Valley Authority on Monday. Lyash comes to TVA from Canadian public utility Ontario Power Generation Inc.

According to U.S. Securities and Exchange Commission filings he will initially get a base pay of $920,000 with a possible annual incentive of nearly $1.4 million. He will also receive more than $2 million in sign-on and relocation money.

Lyash replaces Bill Johnson, who is taking over as president and CEO of San Francisco-based PG&E later this month.

Johnson is eligible for a maximum $12.8 million retirement payout from TVA, which he has led for six years.

TVA serves more than 10 million customers in seven states.

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Information from: Knoxville News Sentinel, http://www.knoxnews.com