No need for Premier Doug Ford to fire Hydro One’s highest paid employee.
The government announcing that Mayo Schmidt has retired.
It’s part of an agreement with the province that will also see the entire board of directors resign by November 5 and replaced by a new board who will be responsible in hiring a new Chief Executive Officer.
He’ll be taking with him a lump sum payment of $400,000.
During the election campaign, Ford was critical of the salary earned by Schmidt calling Schmidt the $6 million man and promised to fire him upon taking office.
Hydro One is also now agreeing to consult with the province on how its most senior employees are paid in the future
