HYDRO ONE CEO RETIRING, BOARD ALSO ON WAY OUT

Jul 11, 2018

By Bob Komsic

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Doug Ford vowed if he became premier he would ”fire” Hydro One’s so-called ”$6-million man” along with the board of directors.
He of course is and they are gone – only they resigned.
(John Woods/Canadian Press)
After reaching out to the government, Hydro One’s agreed to CEO Mayo Schmidt’s immediate resignation while the board will be replaced in the coming weeks.
Schmidt will receive a $400,000 lump sum payment and ”will not be entitled to severance,” according to a statement from Hydro One.
”I’m happy to say today the CEO and the board of Hydro One — they’re gone, they’re done,” said Ford in his late day ”I told you so” announcement.
Meanwhile, Energy Minister Greg Rickford says, in a statement, the government will closely engage in the leadership transition to ensure the stability of the system’s preserved and consumers are protected.
”First, we will play a key role in appointing the new Board, and will expect it to act in the public’s interest.  Second, our government has prepared legislation that, if passed, will improve transparency and accountability at Hydro One.”
Rickford adds the legislation will be introduced during the upcoming session of the Legislature.
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