Mayo Schmidt retires as Hydro One CEO, effective immediately
Ontario – Hydro One CEO Mayo Schmidt, dubbed the “$6-million man” by Ontario Premier Doug Ford, has announced his retirement from the provincial utility, effective immediately.
Hydro One confirmed the departure along with the orderly replacement of the board of directors in a press release issued Wednesday afternoon
Paul Dobson, Hydro One’s chief financial officer, has been named acting chief executive officer until the new board of directors appoints a permanent CEO.
According to the Hydro One release, Schmidt will receive a $400,000 lump sum payment in lieu of all post-retirement benefits and allowances.