KNOXVILLE (AP) -- TVA has given its chief operating officer a $21,000 raise, boosting his incentive-driven compensation package to $1.9 million.
The raise for Bill McCollum was not mentioned publicly during a November 29th meeting of the TVA board.
It just came to light in a filing to the Securities and Exchange Commission.
TVA spokesman Gil Francis said the information was contained in the private agenda materials of TVA's eight current board members.
The federal utility is still adjusting to management restructuring and disclosure requirements promoted by former Tennessee Senator Bill Frist.
McCollum will receive a $721,000 base salary -- up from $700,000 this year. He also will receive more than $1 million in bonuses if he meets annual and long-term performance goals, and $300,000 in deferred compensation.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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