Canada Doug Ford says he’ll fire Hydro One’s CEO if he wins election

18:41  12 april  2018
18:41  12 april  2018 Source:   thestar.com

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Doug Ford ’ s threat to “ fire ” the Hydro One chief executive he calls “the million man” would cost almost twice that in severance.

Doug Ford says he ’ ll find a way to fire Hydro One ’ s “six million dollar man” Mayo Schmidt along with the former Crown corporation’s board if elected Progressive Conservative premier on June 7, even though the company is no longer controlled by the province.

Hydro One CEO Mayo Schmidt’s compensation includes an annual salary of $4.5 million.© Provided by Toronto Star Hydro One CEO Mayo Schmidt’s compensation includes an annual salary of $4.5 million.

Doug Ford says he’ll find a way to fire Hydro One’s “six million dollar man” Mayo Schmidt along with the former Crown corporation’s board if elected Progressive Conservative premier on June 7, even though the company is no longer controlled by the province.

“This board and this CEO are laughing themselves to the bank,” Ford said Thursday after hinting at the plan earlier this week.

Schmidt’s annual compensation is “morally indefensible” when Ontarians are struggling with electricity bills, Ford added in a statement released before a campaign-style announcement at a downtown hotel.

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Ontario PC Leader Doug Ford is vowing to fire the head of Hydro One , and its entire board if he ' s elected premier in June. Ford made the announcement Thursday morning, calling President and CEO Mayo Schmidt, Premier "Kathleen Wynne' s -Million dollar man

Doug Ford says he ’ ll fire Hydro One ’ s CEO if he wins election Ford calls Mayo Schmidt’s salary “morally indefensible insisting Ford ’s promise to cut government spending by four per cent will lead to job cuts.

The statement did not immediately explain how he would carry out the firing promise at the partially privatized utility the province no longer controls, but Ford said “my first act will be to use every tool available to the government of Ontario.”

Schmidt’s compensation, which includes an annual salary of $4.5 million, is well above the roughly $500,000 annual pay to provincial hydro corporations in Quebec, Manitoba, Saskatchewan and British Columbia, the Conservatives said.

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