Hydro One CEO and board stepping down

The CEO of Hydro One is retiring immediately and its board of directors will resign and be replaced in an agreement with the provincial government.

This comes two weeks after Doug Ford was sworn in as premier at Queen's Park.

Ford vowed during his election campaign that he would fire Hydro One's board and its CEO - Mayo Schmidt.

Documents released in May revealed the part-time board had voted to give themselves raises, boosting their salaries from $160,000 to $185,000.

A statement from Hydro One says the new board of directors will initially consist of 10 members.