Hydro One CEO Dubbed”$6 Million Dollar Man” Steps Down

Hydro One CEO Mayo Schmidt announces retirement

During the provincial election you likely heard Doug Ford refer to Hydro One CEO Mayo Schmidt as Kathleen Wynne’s “$6 million dollar man.” On Wednesday Hydro One confirmed that Schmidt is leaving his post. Schmidt will receive a $400,000 lump sum payment in lieu of all post-retirement benefits and allowances.

Doug Ford tweeted, “We promised the people of Ontario that we would lower their hydro rates and that started by addressing leadership at Hydro One. I was pleased to learn this afternoon that the CEO and all board members will be resigning.”

Doug Ford greets supporters in Barrie

The new board of directors will chose the next chief executive officer and Paul DobsonHydro One’s chief financial officer, has been appointed as acting chief executive officer.

Statement From Hydro One Board

“I would like to express thanks on behalf of the entire board of directors and the employees of Hydro One to  Mayo Schmidt for his many contributions to the Company.  He has exhibited strong and effective leadership throughout his tenure as CEO in guiding the transformation of Hydro One to a publicly traded company.

We believe that the agreement we have reached with the Province of Ontario, which provides for an orderly transition of the board of directors and CEO succession, is in the best interests of Hydro One and its various stakeholders and provides stability and clarity to Hydro One’s governance and management structure going forward,” said David Denison, Chair of Hydro One.