Johnson to head TVA on Jan. 1

TVA will soon have a new chief.

William D. Johnson, former chairman, president and chief executive officer of Progress Energy Inc., will become president and CEO of the $11 billion federal agency effective Jan. 1.

This week the TVA Board of Directors announced that Johnson, 58, will succeed Tom Kilgore, 64, who has served as TVA’s first president and CEO since 2006.

“We are very fortunate to have someone of Bill Johnson’s caliber as TVA’s next president and CEO,” said TVA Board Chairman Bill Sansom. “Bill is a seasoned CEO with deep experience leading a company with a diverse energy portfolio – from coal and gas, to nuclear, hydro and renewables. TVA will benefit from his strong leadership skills, deep industry expertise and ability to drive employee engagement.”

Johnson appears to be looking for ward to his new role.

“I am excited and honored to be selected to lead this organization in its mission of providing low-cost and ever cleaner energy, and promoting stewardship of the resources of the Tennessee Valley,” he said. “I am particularly pleased to be following in the footsteps of Tom Kilgore, an outstanding leader whom I have long admired.”

Johnson’s annual compensation consists of $950,000 in salary and potential additional compensation of $3 million which is at-risk and may be awarded based on short- and long-term incentives tied to performance objectives and retention incentives.

Johnson was chairman, president and CEO of Progress Energy Inc., an electric utility based in Raleigh, N.C., from October 2007 to July 2012.

He was with Progress Energy (previously CP&L) in a number of roles since 1992, including president and chief operating officer of Progress Energy; group president for Energy Delivery, president and chief executive officer for Progress Energy Service Co., LLC, and general counsel and secretary for Progress Energy Inc.

He was instrumental in the merger between Progress and Duke Energy.

Prior to this, Johnson was a partner with the Raleigh office of Hunton & Williams, where he specialized in the representation of utilities.

Johnson served as vice chair and on the executive committee of the Edison Electric Institute and was chairman of the board of directors of the Nuclear Energy Institute.

He was also a member of the boards of directors of the Institute of Nuclear Power Operations, Nuclear Electric Insurance Limited, and other community and charitable organizations.

Johnson has held numerous leadership positions at the state and local level, including serving as chairman of the North Carolina Chamber.

He graduated Summa Cum Laude from Duke University with a bachelor’s degree in history, and received a law degree with high honors from the University of North Carolina at Chapel Hill in 1982.

Kilgore will continue to lead TVA until Johnson’s arrival, and then support his transition into the agency.

Johnson will operate from TVA’s headquarters in Knoxville.