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Get filing alertsTVA appoints Michael D. Skaggs as Interim CEO, replacing retiring Donald A. Moul
Filed April 24, 2026 · Period ending April 24, 2026 · ~1 min read
Key Changes
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Michael D. Skaggs, 65, appointed Interim President and CEO for one-year term starting April 24, 2026, succeeding Donald A. Moul who retires July 1, 2026. Skaggs previously held senior nuclear operations roles at TVA from 1994-2022.
Item 5.02 verify on EDGAR → -
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Interim CEO compensation set at $500,000 annual salary plus potential performance-based lump sum payment within two months of term end, contingent on Board-established criteria.
Item 5.02 verify on EDGAR → -
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Board can only remove Skaggs for 'Gross Misconduct'; removal for any other reason triggers accelerated payment of remaining salary and performance compensation, providing significant severance protection.
Offer Letter verify on EDGAR →
Summary
Tennessee Valley Authority announced a leadership transition, appointing Michael D. Skaggs as Interim President and CEO effective April 24, 2026. The 65-year-old executive returns to TVA after retiring in January 2022, having previously served in senior nuclear operations roles including Executive Vice President. He replaces Donald A. Moul, who announced his intention to retire on July 1, 2026.
The one-year interim appointment suggests TVA's Board is conducting a permanent CEO search while ensuring continuity with an experienced internal candidate familiar with the organization's operations. Skaggs' compensation package includes a $500,000 base salary and potential performance-based bonus, with notable employment protections that require 'Gross Misconduct' for termination without full severance.
Investors should monitor announcements regarding the permanent CEO search process and timeline. The interim nature of this appointment and the relatively short overlap with the outgoing CEO (about two months) may signal either an unexpected acceleration of Moul's departure or confidence in Skaggs' ability to maintain operational stability during the transition period.
Section-by-Section Diff
Event · Item 9.01 — Financial Statements and Exhibits
TVA filed an offer letter for Michael D. Skaggs dated April 24, 2026, indicating a new executive hire or appointment.
Added in current filing · verify on EDGAR →
Offer Letter Between TVA and Michael D. Skaggs Dated as of April 24, 2026
Tennessee Valley Authority disclosed an offer letter for Michael D. Skaggs dated April 24, 2026. The filing references Item 5.02, which covers departures and appointments of directors or principal officers, indicating this is likely a material executive hire or appointment. The specific role and compensation terms would be detailed in the attached exhibit.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify