Premier Doug Ford has zapped the Hydro One boss he dubbed “the $6 million dollar man” without an expected $10.7 million severance payment and is replacing the company’s board of directors.
Chief executive Mayo Schmidt, whom Ford promised to fire during the June 7 election campaign over his $6.2 million annual compensation, is taking “retirement” with a $400,000 lump sum, Hydro One said Wednesday.
The payment is in lieu of postretirement benefits and allowances from the transmission company partially privatized by the previous Liberal government.
“I’m happy to say we kept our promise. The CEO and the board of Hydro One, they’re done, they’re gone,” a beaming Ford said in a hastily called news conference outside his second-floor office after the stock market closed.
“The severance was zero … absolutely zero.”
The new premier would not say how Schmidt, entitled to $10.7 million in severance if the board was replaced under “change in control” provisions, was persuaded to leave the plum job with much less.
“You’ll have to ask the CEO that, you’re gonna have to ask the board that,” he told reporters.
Schmidt was not available for comment.