The Tennessee Valley Authority Board of Directors on Nov. 12 announced that Mike Skaggs will continue to lead the agency as chief executive officer after a strong performance in FY 2026.

“Mike has brought stability to TVA, and he has restored trust. Trust with local power companies, elected officials, industry leaders and our employees – he really has brought everything together,” said TVA Board Chair Mitch Graves. “Mike has also helped provide process and strategic planning, always with TVA’s mission and our 3 E’s - energy, environmental stewardship and economic development – as the focus. We are grateful for everything Mike has done this year and appreciate his unwavering commitment to TVA and the people of the Valley region.”

“I came out of retirement back because I care deeply about TVA and TVA employees, and I’m excited to continue working together to serve the Valley region,” said Skaggs. “We’ve made good progress in six months, tackling some key issues and areas to help us get back to the basics of our mission.”

The duties of CEO and President will separate. The CEO will provide senior strategic leadership and oversight, advising the Board on strategy, major capital decisions and other major initiatives that require Board approval. The President will run TVA’s day-to-day operations and turn the strategy approved by the Board into results. The President will report regularly to the CEO and Board.

Following the Board’s announcement, Skaggs announced that Chief Financial Officer Tom Rice will now serve as TVA President and Chief Financial Officer.

“Tom is a trusted leader at TVA, and as president, he will ensure we stay aligned around the right priorities – energy, economic development, environmental stewardship – to deliver today and for generations to come. The outcomes the leadership team – and all TVA employees - are working toward are clear: a stronger culture, vision-led and effective leadership, sustained performance improvement, improved stakeholder relationships and an organization built for long-term resilience. Every day, our employees do amazing work, and I believe this structure will further support collaboration, alignment and transparency as we build a stronger and more sustainable TVA.”

Rice begins serving in his new role on Nov. 16.

Skaggs has over 40 years of experience in the utility industry— more than 25 of those years at TVA. Previously retired from TVA, Skaggs has served as TVA’s interim President and Chief Executive Officer since April 2026.  

Prior to retiring in 2022, Skaggs served in a variety of roles at TVA, including as the chief operations officer. In that capacity, he was responsible for key areas of the business, including Safety, Transmission and Power Supply; Coal, Gas, and Hydro Generation; Integrated River System Management; Natural Resources; Environment; Supply Chain; Major Projects; Coal Combustion Residuals Project Implementation; Facilities Management; TVA Police and Emergency Management; and Enterprise Improvement.

"With his unique focus on operational excellence, Skaggs brought to TVA a focus on excellence in decision-making, asset planning, and performance improvement. Skaggs’ focus on the individual contributor led him to promote a safety-first mindset at TVA, and he introduced and championed the company’s four vital safety behaviors," TVA noted.

Rice has served as TVA’s Chief Financial Officer since January 2025, after holding several leadership roles at TVA since 2018. 

As CFO, he led financial and commercial operations for the organization, overseeing more than $14 billion in annual revenue. He directs treasury, risk, accounting, financial planning, corporate strategy, and investor relations—alongside pricing and contracts, power supply and fuels, business development, and commercial strategy.  

"Under Rice's leadership, TVA has sustained strong financial health through disciplined cost management, maintaining retail rates lower than 80 percent of the nation. That discipline positions the organization to invest more than $13 billion in capital projects over the next three years to meet the region’s growing energy needs," TVA said. 

Before being appointed CFO, Rice served as Senior Vice President, Finance, where he helped launch TVA’s financial modernization efforts , including replacing TVA’s General Ledger, payment, and other systems. 

As Treasurer and Chief Risk Officer, Rice managed the organization’s debt portfolio ahead of one of the largest capital investment programs in TVA’s history. 

He also served as Vice President of Financial Operations and Performance, and Director of Business Planning and Analysis -- building on earlier roles that shaped TVA’s planning, strategy, and market operations.