Hydro One names new board of directors after en masse resignation
TORONTO вЂ” A new board of directors has been appointed to Hydro One Ltd. just over a month after its chief executive retired and the entire board resigned en masse.
Ten new board members were named as replacements for Hydro OneвЂ™s previous 14-member board, which resigned last month.
The power utility says Tom Woods will serve as the interim board chair until the new directors can convene to permanently fill the position.
The new board comes in a time of sweeping change for Hydro One.
Its chief executive Mayo Schmidt suddenly retired last month after political intervention.
He had been labelled вЂњthe six-million-dollar manвЂќ on the campaign trail by newly elected Premier Doug Ford for his hefty compensation.
Under a deal reached with the new Tory government, Schmidt was not entitled to the $10.7 million severance he would have been entitled to if heвЂ™d been removed by the board, and instead received a $400,000 lump sum payment in lieu of all post-retirement benefits.
Several days later, FordвЂ™s Progressive Conservatives introduced omnibus legislation that in part would grant the government authority to approve executive compensation at the utility.