WELL this is HIGHLY INTERESTING, about TIME – HE RESIGNED!
SIX MILLION DOLLAR MAN RESIGNS: No need for Ford to fire controversial Hydro One CEO
Hydro One’s 14-member board resigned en masse after the sudden retirement of CEO Mayo Schmidt, labelled “the six-million-dollar man” on the campaign trail by Premier Doug Ford for his hefty compensation.
Ontario Premier Doug Ford’s government has struck a deal to oust Hydro One CEO Mayo Schmidt and the entire board of …
Doug Ford says he will fire the CEO of Hydro One and the company’s board of directors if elected premier in June.
Mayo Schmidt, the CEO of Hydro One, has announced his retirement from the provincial utility, effective immediately. Premier …
Ontario PC Leader vows if elected to fire the CEO and entire Board of Hydro One.
Hydro One’s 14-member board resigned en masse after the sudden retirement of CEO Mayo Schmidt, labelled “the …
Hydro One CEO Mayo Schmidt’s paycheque has come under severe scrutiny after Ontario PC leader Doug Ford said he would fire the CEO as part of his greater agenda to find cost savings for taxpayers.
“If the government truly had any respect for taxpayers, Kathleen Wynne would fire the $6-million man and the entire board at Hydro One, just like she said she had the authority to do,” Ford said in a statement.
Schmidt’s annual total compensation last year stood at $6.2 million, with his base salary going up from under $300,000 to over a million dollars since 2015, according to company filings.
The Liberal Ontario government partially privatized the company in 2015 but still owns 47.4 per cent of its shares. The utility company has been the subject of criticism from both the Ontario NDP and PC parties as the three rivals square off in the June 7 provincial elections.
Under pressure and trailing in the polls, Ontario Liberals’ Energy Minister Glenn Thibeault said on Monday the province is reviewing its executive compensation arrangements.
But is Schmidt really overpaid? Here’s a look at CEO earnings in 2017 for other publicly traded Canadian utilities providers and power generation companies, according to data gleaned from company filings.
Barry Perry, Fortis Inc: $9,253,297
Fortis owns utilities providers in Canada, the U.S., and the Caribbean, and is Canada’s largest utility provider by market cap.
Christopher Huskilson, Emera Inc: $5,761,942
Huskilson has since been replaced by Scott Balfour, former chief operating officer and chief financial officer of Emera as CEO and president of the company.
John Brace, Northland Power Inc: $3,672,981
Brace’s 2017 earnings as CEO for the clean energy developer was more than double his 2015 earnings of about $1.6 million.
Ian Robertson, Algonquin Power and Utilities Corp: $2,890,000
The company recently acquired a 25 per cent equity interest in U.K.-based company Atlantica Yield, which owns assets in power generations, renewable energy and electric transmission.
Brian Vaasjo, Capital Power Corp: $2,885,838
The Alberta-based company’s facilities run on a number of different sources, such as natural gas, wind, and coal. The province aims to have coal-powered plants phased out by 2030.
Nancy Southern, Canadian Utilities Ltd: $2,284,767
Southern is also CEO of Atco Ltd, the holding company for Canadian Utilities Ltd, and her combined earnings came to about $3.5 million.
South of the border, CEO compensation packages are even higher for American investor-owned utility companies. In 2016, the top five highest paid CEOs each earned over $15 million, over double Schmidt’s earnings, according to company filings.
Debra Reed of Sempra Energy was the U.S.’s highest paid utility CEO with $18,806,408, with James Robo of NextEra Energy and Thomas Fanning of Southern Co. earning $16,758,771 and $15,829,652, respectively.
Gear hit helicopter’s tail causing deadly Ontario crash. New details tonight about the helicopter crash that killed four Hydro One …
A helicopter crash in Tweed, Ont., has led to the deaths of four workers on board. Hydro One had been performing maintenance …