Tennessee Valley Authority President Tom Kilgore is retiring.
The announcement came as TVA board members met Thursday in Knoxville to discuss rates that customers in seven states will pay as the new fiscal year begins Oct. 1.
TVA announced that the board of directors has a process under way to recommend a new president and CEO. Kilgore announced his retirement at the end of the meeting. He will serve as the head of the federal utility until a successor is hired.
Kilgore joined TVA in 2005. He is the first president and CEO of the utility, which changed its governance from three full-time board members to a larger, part-time board and a CEO.
TVA serves about 9 million power customers.
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