Chattanoogan Bill Kilbride to remain TVA chairman
Chattanoogan Bill Kilbride will remain as chairman of America’s biggest public utility until November unless his replacement is named and confirmed before then.
In the first meeting of a full nine-member TVA board since 2019, Kilbride was elected Thursday to remain as chairman of the Tennessee Valley Authority for the next couple of board meetings, and former TVA Chairman Joe Ritch was elected as chairman-elect to succeed Kilbride at the board’s Nov. 10 meetings.
Before being named by former President Donald Trump to the TVA board in 2019, Kilbride served as the president of the Chattanooga Area Chamber of Commerce from 2014 to 2017 after working as president of the Home Division and chief sustainability officer for Mohawk Industries in Calhoun, Georgia , for more than 20 years.
Kilbride has been chairman of TVA since 2021, but his term on the TVA board ends in May, although he can continue to serve through the rest of 2023 unless his replacement is nominated by President Joe Biden and confirmed by the US Senate.
“I think we all agree that Bill Kilbride has done a great job as chair,” TVA Director Beth Harwell, a former speaker of the Tennessee House of Representatives, said during Thursday’s meeting.
Ritch, a Huntsville, Alabama, attorney, is one of six directors named by Biden who joined the TVA board Thursday for its quarterly meeting in Florence, Alabama. He previously served on the TVA board from 2012 to 2017 and was elected chair of the board of directors in 2014, becoming the first Alabamian to chair the utility.
Ritch’s appointment by Biden helped ensure some continuity in the nine-member panel that oversees the federal utility since a majority of the board is new to the agency this year.
Five Star Food acquires a vending company
Chattanooga-based Five Star Food Service on Thursday announced the acquisition of Lincoln County Vending in Fayetteville, Tennessee. The acquisition expands the company’s service territory to the west in the southern part of Tennessee along the Alabama line.
“Dan Holt, his family and the folks at Lincoln County have built a successful, forward-thinking business with strong values and relationships,” Richard Kennedy, Five Star’s president and CEO, said in a statement. “We are grateful for the opportunity to continue the business’ success and serve new customers and communities.”
Lincoln County Vending has been family-owned since its founding in 1989, according to a news release. Dan Holt Sr. and his son, Dan Holt Jr., originally started the business as a Tom’s distributor called Dan’s Snack Sales.
A year later, the company was renamed. After 15 years, Lincoln County Vending became a member of the Canteen franchise group in 2005.
Tesla recalls 362,000 vehicles over software
Electric vehicle maker Tesla is recalling nearly 362,800 vehicles equipped with its experimental driver-assistance software, according to the National Highway Transportation Safety Administration.
The system may allow the vehicle to act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop or proceeding into an intersection during a steady yellow traffic signal without due caution, the voluntary recall said.
In addition, the system may respond insufficiently to changes in posted speed limits or not adequately account for the driver’s adjustment of the vehicle’s speed to exceed posted speed limits, according to the recall.
As a remedy, Tesla will release an over-the-air software update free of charge, the recall said. Owner notification letters are expected to be mailed by April 15, and owners may contact Tesla customer service at 877-798-3752.
CBL Properties bolsters company dividend by 50%
CBL Properties on Thursday announced its board of directors has declared a cash dividend of 37.5 cents per common share for the quarter ending March 31. The dividend is a 50% increase from the previous quarterly rate, according to the Chattanooga-based company.
The dividend equals to an annual dividend payment of $1.50 per common share, the company said in a statement.
“Strong operating performance and favorable financing activity in 2022 and year-to-date have contributed to our substantial cash flow generation and strong cash position,” Stephen D. Lebovitz, CBL’s chief executive officer, said in a news release.
— Compiled by Mike Pare
