Hydro One CEO is retiring gets lump sum package worth $400K

The PC government has struck a deal and Hydro One's CEO is retiring and the utility board will be replaced. 

Premier Doug Ford vowed to fire Mayo Schmidt during the campaign frequently calling him the $6 million dollar man referencing his salary and perks. 

Hydro One confirmed Schmidt's departure in a news release.

According to Hydro One, Schmidt will not be entitled to severance, instead he will receive a 400-thousand-dollar lump sum payment in lieu of all post-retirement benefits.

To read the news release from Hydro One announcing Schmidt's retirement click here