Hydro One CEO and board to be replaced

Hydro One has confirmed that, effective today, CEO Mayo Schmidt will retire and the Board of Directors will be replaced.

In a news release, the utility says Schmidt will receive a lump sum payment of $400,000, "in lieu of all post-retirement benefits and allowances."  

A new board is expected to be in place by August 15th. It will be made up of 10 members.

The release says, under the agreement, the province will nominate four replacement directors and the remaining six nominees will be identified through a committee comprised of representatives of Hydro One's largest shareholders other than the province.

Premier Doug Ford also announced Mayo's retirement at Queen's Park. Ford campaigned on a promise to fire the CEO, who he called the "$6 Million dollar man."

 

With files from The Canadian Press