Premier Ford fires Hydro One boss and board
A bombshell dropped by the newly-minted Premier, and a big score on one of his key campaign promises.
Doug Ford has announced the 'retirement' of the Hydro One's CEO, Mayo Schmidt, and the immediate resignation of the entire board of directors.
Firing Schmidt, dubbed the Six Million Dollar Man, by Ford, was one of his campaign promises, in an effort to bring down hydro rates. Somehow, he's managed to get Schmidt to accept a 400 thousand dollar lump sum, instead of an 11 million dollar severance package.
The NDP is suspicious, and want to know why, and if some kind of back-room deal was struck.
Ford is further promising a drop in hydro rates of 12 percent.