TVA board appoints Michael E. Rescoe CFO and executive vice president, financial services

KNOXVILLE, Tenn., June 27, 2003 — TVA has announced the appointment of Michael E. Rescoe as chief financial officer and executive vice president of financial services, effective July 9. Rescoe will report directly to the TVA Board and serve on TVA’s Management Committee.

With responsibility for treasury, accounting, risk management, financial planning, investor relations and retirement services, Rescoe will oversee the development and implementation of all financial strategies for the company. He replaces David N. Smith, who previously announced his retirement from TVA, effective June 30.

“Mike brings 25 years of solid business experience to TVA, and we are excited about having him join our senior management team,” said TVA Chairman Glenn L. McCullough Jr. “He has an outstanding background and a proven track record of success in the energy sector and with the Wall Street investment community. Mike’s talent will serve TVA well as we work to achieve excellence in our business performance.”

Most recently, Rescoe served as chief financial officer and senior vice president, finance and planning, at 3Com Corporation, a global leader of innovative network technology solutions in Santa Clara, Calif.

Before joining 3Com Corporation, Rescoe served as chief financial officer of Pacific Gas and Electric Corporation, one of the nation’s largest utility and energy companies, located in San Francisco. Prior to its merger with TXU Inc., he was executive vice president and chief financial officer of Enserch Corporation (formerly Lone Star Gas), a diversified energy and utility company in Dallas.

In addition, Rescoe was senior managing director of Bear Stearns and a senior officer of Kidder, Peabody, two investment banking firms. Prior to that, he held financial management positions of increasing responsibility at Entergy Corporation, an energy company in New Orleans.

“We look forward to Mike joining TVA during this challenging time in our company and industry,” said TVA Director Skila Harris. “With his extensive financial and energy experience, we are confident that he will help us continuously improve TVA’s overall financial health and performance.”

“We are very fortunate to have someone of Mike’s caliber join our team,” TVA Director Bill Baxter said. “His leadership will be critical to our success, as we work to deliver on our commitments to restart the first nuclear reactor of the 21st century, clean the air and reduce our debt.”

Rescoe earned a bachelor of arts degree in anthropology from Tulane University in New Orleans and a master of business administration from The University of Texas at Austin.

A native of New Jersey, he and his wife, Jayne, and their three children reside in Alamo, Calif.

TVA is the nation’s largest public power producer and is completely self- financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states.

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  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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