Thursday, July 12, 2018

HYDRO's $6M MAN AND DIRECTORS OUT THE DOOR

   Ottawa Citizen: Premier Doug Ford says he has made good on a key campaign promise, announcing the immediate retirement of the CEO of Hydro One and the resignation of the utility’s entire board of directors.
  Ford, who promised that if he was elected he would fire Hydro One CEO Mayo Schmidt, dubbing him the “Six-Million-Dollar Man” during the spring election campaign, hailed it as a “great day” for the province.
   According to a statement from Hydro One, Schmidt will not be entitled to severance, and will instead receive a $400,000 lump sum payment in lieu of all post-retirement benefits.
  As part of the deal, Hydro One also said it has agreed to consult with the province on “future matters of executive compensation.”  
Remember this cute move by this board?

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