Tom D. Kilgore was the federal corporation's first Chief Executive Officer. He was appointed by the Tennessee Valley Authority Board of Directors on October 13, 2006, at a meeting in Knoxville. The Consolidated Appropriations Act of 2005 (Title VI—Reform of the Board of Directors of the Tennessee Valley Authority) established the CEO position as part of the change in governance structure from a three-member board to the current nine-member board. He earned $4.029 million in federal fiscal year 2012 (for the period ending 09/30/12). He retired at the end of 2012 and was succeeded by Bill Johnson.