http://tennessean.com/apps/pbcs.dll/article?AID=/20051224/NEWS02/512240322/1358

Saturday, 12/24/05

TVA gave $12.9 million in bonuses to 146 executives

'Most successful year' resulted in 12% increase

Associated Press


KNOXVILLE — The Tennessee Valley Authority paid $12.9 million in bonuses and other compensation to 146 executives in 2005, a 12% increase over last year, according to an annual disclosure made by the nation's largest public utility yesterday.

"During the 2005 fiscal year, TVA's integrated power system recorded its most successful year on record, and TVA employees met their performance targets and earned incentive pay. We put the incentive pay at risk each year, and we keep raising the bar on
performance because it is a proven method of getting results," TVA Chairman Bill Baxter said.

 
 

TVA supplies electricity to about 8.5 million people in most of Tennessee and parts of Kentucky, Alabama, Mississippi, Georgia, North Carolina and Virginia. Revenues rose to $7.8 billion in 2005, but net income dropped to $85 million mainly because of increasing fuel costs, the self-financing agency reported last month.

Last year, TVA gave 138 executive bonuses totaling $11.5 million.

TVA reported in November that it awarded $50 million in bonuses to its rank-and-file employees, averaging $3,895 per worker, a 10% increase over last year.

The report TVA disclosed to the U.S. Office of Management and Budget said 50 executives earned more than $25,000 in bonuses, based on reaching certain agency or departmental goals.

The highest paid executive was Ike Zeringue, who retired this month as the president and chief operating officer. His salary of $130,000 was increased by a $840,000 bonus and $570,000 in deferred compensation for a total of $1.54 million.

TVA officials pointed out that the highest-level executives at comparable investor-owned utilities were paid an average $4.9 million in 2005, according to a survey by the Towers Perrin consulting agency.

Zeringue's replacement, Tom Kilgore, received $1.04 million, including a bonus of $672,665. He joined TVA in March.

TVA's second-highest paid executive is Karl Singer, the chief nuclear officer. He was paid
$1.13 million, including a bonus of $653,347.

"As one of the largest producers of electric power in the United States, with almost $7.8 billion in revenue, TVA has the same executive-management requirements as private, investor-owned utilities and must be able to offer competitive compensation," TVA Director Skila Harris said.

Baxter and Harris receive only salaries and no bonuses as members of the TVA board of directors. The board is being expanded to nine part-time members from three full-time members. It will be composed of Baxter, Harris and six people nominated by President Bush who still have to be confirmed by the U.S. Senate.

The chairman's salary is $149,200, and a director gets $140,300. The part-timers on the new board will drop to $50,000 for the chairman and $45,000 for the directors.

"The new board will have a variety of business backgrounds so I am sure they will be very active in reviewing TVA's compensation practices. I believe it is in TVA's best interest to offer competitive, performance-based compensation to its employees," Baxter said. •





Interesting how a COO of a quasi-federal agency can get a year end bonus that is twice the year's salary of the President of the United States, and that don't even include his own salary or the deferred compensation.

And Mr. Kilgore only had to work for 9months for his tidy little nest egg.

All the other little TVA minions racked up too....avg. TVA worker walked away with  ~$3800 year-end bonus.

And what did TVA CUSTOMERS get????......an across the board 7.5% rate increase.

All I got was Jelly of the month club.

TVA gave $12.9 million in bonuses to 146 executives ........And what did TVA CUSTOMERS get????......an across the board 7.5% rate increase.

what a bunch of scumbags.

If they're producing, why not?

Quoted: All I got was Jelly of the month club.

Clark, that's the gift that keeps on giving the whole year.

Quoted: All I got was Jelly of the month club.

thatt's as bad as my holly farms crap. multi million dollar company and I get a fucking cheese log set. gee thanks

Quoted: Quoted: All I got was Jelly of the month club. thatt's as bad as my holly farms crap. multi million dollar company and I get a fucking cheese log set. gee thanks

I bet the so-called 'executives' at your company didn't get a cheese log.  

Quoted: If they're producing, why not?

funny, never saw an exec "produce" anything, it was all the people working and slaving under him that got him that bonus check. they get forgotten for the most part, unless something goes wrong then all of the sudden everyone is equal.

Quoted: Quoted: Quoted: All I got was Jelly of the month club. thatt's as bad as my holly farms crap. multi million dollar company and I get a fucking cheese log set. gee thanks I bet the so-called 'executives' at your company didn't get a cheese log.

You'd be correct. they got the secret checks no one can talk about.

Quoted: Quoted: If they're producing, why not? funny, never saw an exec "produce" anything, it was all the people working and slaving under him that got him that bonus check. they get forgotten for the most part, unless something goes wrong then all of the sudden everyone is equal.

Ain't that the truth.  A local chem company used to have that little 'at risk' employee bonus.  Each employee put 3% of their pay at risk every year.  If the company did well, employee would get a nice little check.  If they had a bad year, they got nothing.

About 3 or 4 years ago, they had a bad year.  Yet the CEO got a pretty sizable ($500K plus) check.  That in addition to his regular pay of somewhere around $300K.  If memory serves, his last year with the company he made around $1.2M.

Quoted: Quoted: Quoted: If they're producing, why not? funny, never saw an exec "produce" anything, it was all the people working and slaving under him that got him that bonus check. they get forgotten for the most part, unless something goes wrong then all of the sudden everyone is equal. Ain't that the truth.  A local chem company used to have that little 'at risk' employee bonus.  Each employee put 3% of their pay at risk every year.  If the company did well, employee would get a nice little check.  If they had a bad year, they got nothing. About 3 or 4 years ago, they had a bad year.  Yet the CEO got a pretty sizable ($500K plus) check.  That in addition to his regular pay of somewhere around $300K.  If memory serves, his last year with the company he made around $1.2M.

 that's just wrong.

Theres those on the bottom, and those on the top.
These stories of bonuses and high salaries should not be cause for us to be jealous, but rather cause for us to want to succeed and be on of those on the top.

And you dont get there by bitchin about it, unfortunately.

Quoted: Quoted: Quoted: If they're producing, why not? funny, never saw an exec "produce" anything, it was all the people working and slaving under him that got him that bonus check. they get forgotten for the most part, unless something goes wrong then all of the sudden everyone is equal. No fan of capitalism, huh? If a company wants to pay execs 100 million per year & the worker ants $6 per hour, so what?

(just shakes head ) let em eat cake right? sure am glad you aren't my boss.

I believe there is too much of an income gap between those at the top and those at the bottom.

This just makes me want to be at the top that much more.

Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses?

Its not like its your money.

I work for an hourly wage, i do not complain, i am thankful for the money and i know at any time i decide i could get edumacated and have one of those jobs,that  is why i have no hard feelings towards those people that are higher up. I would have a problem giving all that money to 140 something people and giving the rest mere pennies. The company will not run without the little guy so why not divide it up for everybody?

Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money.

The problem is, bonuses are often times not related to the performance of the company.

Quoted: Quoted: (just shakes head ) let em eat cake right? sure am glad you aren't my boss. Would a communist type economy be preferable to you? Many countries (& pro-unionists) favor socialism.  Your opinion is not unpopular.

How do you define socialism?
If top employees are limited to, say, 10 times the pay of the lowest paid employee is that socialism? Or does everyone at the company have to make the same amount for it to be a socialist system?

Quoted: Theres those on the bottom, and those on the top. These stories of bonuses and high salaries should not be cause for us to be jealous, but rather cause for us to want to succeed and be on of those on the top. And you dont get there by bitchin about it, unfortunately.

got nothing to do with being  jealous, it's about a living salary and some actual care for your employees. easier to give yourself a $500K bonus than to think what you pay barely /if at all pays the bills.
then you wind up with these pukes fixing the numbers to get their bonuses, only to leave everyone else high and dry when those numbers aren't true, and some ofthe fucks still get a severence package.


Steal $5 you're a thief, Steal $$millions a CFO.
I'd rather keep my soul than be like that.

Quoted: Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money. The problem is, bonuses are often times not related to the performance of the company.

I go back to this: How is that anybody's business, BUT the company? If the workers are unhappy, they should quit, and find work elsewhere. If a coorporation wants to payout to the execs, how is that related to anything, or anybody else? Its not like they DON'T pay the $6.00 an hour employees their pay to give the bonus.

Quoted: Quoted: Quoted: If they're producing, why not? funny, never saw an exec "produce" anything, it was all the people working and slaving under him that got him that bonus check. they get forgotten for the most part, unless something goes wrong then all of the sudden everyone is equal. No fan of capitalism, huh? If a company wants to pay execs 100 million per year & the worker ants $6 per hour, so what?

Just remember you get what you pay for right? Just like Firearms, pay shit, get shit... After all they just screen Airport passengers

Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money.

how about showing that you know who actually got you to that bonus level. how about because they aren't thinking of buying another yacht, they're thinking about  paying the rent,groceries, gas, everything else accross the board that has risen in price along with corporate bonuses, sure as shit isn't the payscale. how about some love our way too? even after a year to get that kind of bonus, the ones who actually put you there get shit on.

BAHH, and you wonder why employees rob you blind, don't show up and climb the tower.

think about it.

Quoted: Theres those on the bottom, and those on the top. These stories of bonuses and high salaries should not be cause for us to be jealous, but rather cause for us to want to succeed and be on of those on the top. And you dont get there by bitchin about it, unfortunately.

Yeah well , its nice to work at a job where you get to set your own "production goals" and pad your own pocket.
For instance, TVA's Buffalo Mountain Wind Turbine Project: supposed to generate ~6-10 Mkwh of electricity...it didn't. So they just dropped the projections to 4.6Mkwh and "Golly Gee Whiz....would'ja looky thar Mabel...we made our projekshun goals. Let's go give ourselves a bonus"

Did TVA invest and innovate to get us off the OPEC dependancy?....well, if you call mothballing the Bellefonte Nuclear site as "production" , I guess so.

But by gawd, you let some shut-in grandmother be 3 days late with here electric bill and see how quick she's sittin' in the dark.

Quoted: Quoted: How do you define socialism? If top employees are limited to, say, 10 times the pay of the lowest paid employee is that socialism? Or does everyone at the company have to make the same amount for it to be a socialist system? The same way most economists would define it.   Check google if you need a popular definition.

So, you just wantonly throw around the term "socialist" when someone states they think the pay scales are unfair, even if they DONT think everyone should be the same?

So, anything that doesnt conform to YOUR views of the world is a "Socialist" view then?

Quoted: Quoted: Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money. The problem is, bonuses are often times not related to the performance of the company. I go back to this: How is that anybody's business, BUT the company? If the workers are unhappy, they should quit, and find work elsewhere. If a coorporation wants to payout to the execs, how is that related to anything, or anybody else? Its not like they DON'T pay the $6.00 an hour employees their pay to give the bonus.

are you or your husband an exec getting bonuses ? It sure sounds like it. better yet, do you work?I'm assuming you have 6 kids from your name?

Quoted: Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money. how about showing that you know who actually got you to that bonus level. how about because they aren't thinking of buying another yacht, they're thinking about  paying the rent,groceries, gas, everything else accross the board that has risen in price along with corporate bonuses, sure as shit isn't the payscale. how about some love our way too? even after a year to get that kind of bonus, the ones who actually put you there get shit on. BAHH, and you wonder why employees rob you blind, don't show up and climb the tower. think about it.

HELLOOOOO!!!!

If the employees don't like it, they should find work elsewhere.

Or, do you think they are entitled to a pay raise in relationship to bonuses?

Who should make that call....HEY!! Lets pass a law...

Quoted: Quoted: Quoted: Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money. The problem is, bonuses are often times not related to the performance of the company. I go back to this: How is that anybody's business, BUT the company? If the workers are unhappy, they should quit, and find work elsewhere. If a coorporation wants to payout to the execs, how is that related to anything, or anybody else? Its not like they DON'T pay the $6.00 an hour employees their pay to give the bonus. are you or your husband an exec getting bonuses ? It sure sounds like it. better yet, do you work?I'm assuming you have 6 kids from your name?

Cute V22.

Yes I work.  Yes I get bonuses.  No, I don't think my bonuses are always fair considering the money that is played with. AND yes, I can leave and go elsewhere if I don't like it.

AND I probably still make more than you.

Quoted: Quoted: got nothing to do with being  jealous, it's about a living salary and some actual care for your employees. easier to give yourself a $500K bonus than to think what you pay barely /if at all pays the bills. then you wind up with these pukes fixing the numbers to get their bonuses, only to leave everyone else high and dry when those numbers aren't true, and some ofthe fucks still get a severence package. Steal $5 you're a thief, Steal $$millions a CFO. I'd rather keep my soul than be like that. A good company would take care of its employees with a healthy wage & decent benefits.  However, my point is that it should be up to the individual corporation to make those decisions without government intrusion.

we tried that and IIRC the companies really regulated themselves didn't they?
can I spend my script at the company store b'oss?

that's not even a full step up from being slaves. which is what corps want anyway, otherwise we'd have better immigration policy.

Quoted: Quoted: Quoted: Quoted: Quoted: Unkempt, how does it affect anybody if an executive gets a bonus? If the execs do a good job in managing the workforce, and the company makes money, then what is the issue with bonuses? Its not like its your money. The problem is, bonuses are often times not related to the performance of the company. I go back to this: How is that anybody's business, BUT the company? If the workers are unhappy, they should quit, and find work elsewhere. If a coorporation wants to payout to the execs, how is that related to anything, or anybody else? Its not like they DON'T pay the $6.00 an hour employees their pay to give the bonus. are you or your husband an exec getting bonuses ? It sure sounds like it. better yet, do you work?I'm assuming you have 6 kids from your name? Cute V22. Yes I work.  Yes I get bonuses.  No, I don't think my bonuses are always fair considering the money that is played with. AND yes, I can leave and go elsewhere if I don't like it. AND I probably still make more than you.

WTH does that mean?

yeah, we can always go to the next company that screws you in exactly the same way. great.

Quoted: yeah, we can always go to the next company that screws you in exactly the same way. great.

I stay, because I make an acceptable amount of money for the work I do.  I would leave and go elsewhere if I didn't.

I have choices.

Get it?

Quoted: Quoted: So, you just wantonly throw around the term "socialist" when someone states they think the pay scales are unfair, even if they DONT think everyone should be the same? So, anything that doesnt conform to YOUR views of the world is a "Socialist" view then? Yeah, you got me pegged alright.

Yep, no different then any other arfcommer. How many times do I see someone scream "SOCIALIST!" when someone mentions anything outside of the norm. Dont like the current healthcare system? Well holy shit, you must be a socialist! Dont like the current salary disparity? Well holy shit, you must be a socialist!

i just get damned tired of everyone throwing around "Socialist" when theres a very real chance they cant even define the damned word.

Quoted: Quoted: yeah, we can always go to the next company that screws you in exactly the same way. great. I stay, because I make an acceptable amount of money for the work I do.  I would leave and go elsewhere if I didn't. I have choices. Get it?

the choice between getting used by this company or that company isn't much of a choice for a large majority of the folk out here. you know, the ones who don't get that big bonus, they only make it happen for ya.

Quoted: Quoted: Quoted: yeah, we can always go to the next company that screws you in exactly the same way. great. I stay, because I make an acceptable amount of money for the work I do.  I would leave and go elsewhere if I didn't. I have choices. Get it? the choice between getting used by this company or that company isn't much of a choice for a large majority of the folk out here. you know, the ones who don't get that big bonus, they only make it happen for ya.

So...seek employment where you are treated fairly, and compensated appropriately for your work.  If more people did this, the crappy employers couldn't maintain a workforce, and would be forced by DEMAND to better conditions.

Unkempt1:

What exactly is barring you from achieving a higher pay scale in your life? Is it lack of education? Lack of skills? Lack of motivation?

There is a hard and fast reason as to why you are not performing up to the level of the TVA management.

I'm assuming, like any good socialist, you will blame it on "the man", or lack of "family connections", or you couldn't afford a better education, or..............fill in the blanks.

I guarantee that if I had asked that high paid exec from TVA, oh, let's say, 20 years ago; "What’s holding you back from earning a million a year"?, he probably would have said; "Get out of my way, I'm going to the top and all I need is a little more time".

Unkempt, you are a "worker drone" because that is all you care to be. Judging from your socialist viewpoints, you have chosen your lot in life and have decided that you will put no more effort forth to achieve success. If you really want to succeed financially, educate yourself in business, put in the 20 hour days, skip the weekends, and you may just have what it takes to get on top.

Quoted: Quoted: Quoted: Quoted: So, you just wantonly throw around the term "socialist" when someone states they think the pay scales are unfair, even if they DONT think everyone should be the same? So, anything that doesnt conform to YOUR views of the world is a "Socialist" view then? Yeah, you got me pegged alright.   Yep, no different then any other arfcommer. How many times do I see someone scream "SOCIALIST!" when someone mentions anything outside of the norm. Dont like the current healthcare system? Well holy shit, you must be a socialist! Dont like the current salary disparity? Well holy shit, you must be a socialist! i just get damned tired of everyone throwing around "Socialist" when theres a very real chance they cant even define the damned word. If you're getting upset over internet postings then perhaps you should take a break.  I noticed you had quite a severe reaction in another thread I locked a couple of hours ago. Don't allow differing opinions on an internet discussion board to affect you so much.  It's not healthy.

I'm actually upset because guess what I did Christmas? Worked. Guess what I did New years? Worked.
My choice of course, and in 2 weeks I assure you I'll be far less upset.
Working holidays always sucks and puts me in a grumpy mood.
When the paycheck shows up with double time and a half on it for working the holidays, well, that goes a loooong ways to makin up for it.

But I havent got that paycheck yet.

You know, just my little bit at screwin The Man.

Nonetheless, it still bothers me that everyone throws around the world Socialist so much. i think honestly, you couldnt find one person on this board who really wants Socialism.

What I wanna know is what the hell did these guys do to earn these "Bonuses".

Let's put it on a commission formula...say you earn a modest 20% commission:
For $840,000 you would have to generate $4,200,000 for the company.

And since this is a quasi-federal agency supported by YOUR tax dollars...you have a right to know!!

If I were a Congressman I would be very interested how this govt appointed official got to waltz off with a shitload of cash ....when I would be drawn & quartered in front of the House Ethics Committee for accepting a cheeseburger at Hardee's.

As a TVA customer, I DO wanna know how they set their own "production goals"....(see my previous post on Buffalo Mtn Wind Project and Bellefonte)

....because I and many others like me are taking one in the keister with a 7.5% rate hike.

Quoted: Quoted: Quoted: Quoted: yeah, we can always go to the next company that screws you in exactly the same way. great. I stay, because I make an acceptable amount of money for the work I do.  I would leave and go elsewhere if I didn't. I have choices. Get it? the choice between getting used by this company or that company isn't much of a choice for a large majority of the folk out here. you know, the ones who don't get that big bonus, they only make it happen for ya. So...seek employment where you are treated fairly, and compensated appropriately for your work.  If more people did this, the crappy employers couldn't maintain a workforce, and would be forced by DEMAND to better conditions.

yeah, with the worry of being replaced by someone from south of the border, that's not very realistic.

Unions used to help with that, then they got as greedy as the corporations, so the working stiff still gets bent over.

Quoted: Unkempt1: What exactly is barring you from achieving a higher pay scale in your life? Is it lack of education? Lack of skills? Lack of motivation? There is a hard and fast reason as to why you are not performing up to the level of the TVA management. I'm assuming, like any good socialist, you will blame it on "the man", or lack of "family connections", or you couldn't afford a better education, or..............fill in the blanks. I guarantee that if I had asked that high paid exec from TVA, oh, let's say, 20 years ago; "What’s holding you back from earning a million a year"?, he probably would have said; "Get out of my way, I'm going to the top and all I need is a little more time". Unkempt, you are a "worker drone" because that is all you care to be. Judging from your socialist viewpoints, you have chosen your lot in life and have decided that you will put no more effort forth to achieve success. If you really want to succeed financially, educate yourself in business, put in the 20 hour days, skip the weekends, and you may just have what it takes to get on top.

Socialist, Not hardly.
I decided not to step on cut my friends throats  to climb, as I said, I'd rather keep my soul.

Quoted: yeah, with the worry of being replaced by someone from south of the border, that's not very realistic. Unions used to help with that, then they got as greedy as the corporations, so the working stiff still gets bent over.

If someone with a 4th grade education from  "south of the border" was capable of doing my job....then yeah...I'd be scared.

I think we should force them to lower rates.  Everyone needs to cancel their electric service, that'll put a dent in their budget.  

Actually, I would consider this if my wife wasn't a priss.  $180 x 12  = 2160.  

Wow - I could actually pay for an AR15 and a few Glock's if I lived electricity free for a year.  If I lived in the county and were allowed to make campfires in the backyard to cook, I'd be very tempted.