The Tennessee Valley Authority Board of Directors announced that Mike Skaggs will continue leading the agency as chief executive officer following a strong performance period in fiscal year 2026. Simultaneously, the agency is splitting the roles of CEO and president, naming Chief Financial Officer Tom Rice as the new President and CFO, effective Monday, Nov. 16, 2026.

Board Chair Mitch Graves praised Skaggs for bringing stability and restoring trust among local power companies, elected officials, and employees since coming out of retirement to serve as interim head in April 2026. Under the new leadership structure, Skaggs will focus on senior strategic leadership, oversight, and major capital decisions, while Rice will manage day-to-day operations and turn board-approved strategies into results.

Rice, a second-generation TVA employee who has served as CFO since January 2025, brings decades of experience to his expanded role. Under his financial leadership, TVA has maintained retail rates lower than 80% of the nation while positioning the agency to invest more than $13 billion in capital projects over the next three years to meet the region’s growing energy needs.