The CEO and the Board of Directors Hydro One will replace (PHOTO)

Гендиректора и совет директоров Hydro One заменят (ФОТО)

At Hydro One decided to replace the CEO and the Board of Directors after they are massively applied for the dismissal.

In a statement, the utility company stated that the withdrawal of the General Director Mayo Schmidt from the post takes effect from today and that the utility entered into an agreement with the province about the “orderly replacement of the Board of Directors of Hydro One”.

Less than two weeks ago, Doug Ford was selected as Premier of Ontario, many experts see this as not a coincidence.

The documents, published in may, showed that the members of the Council (part-time) voted to raise their salaries in 2018 from $160,000 per year to $185,000 received half of the payment in cash and half shares. The salary of the Chairman of the Board David Denison was increased from $260,000 to $330,000. The company said that this step has brought salaries to the median of its wide group of people about the same age.

Critics fear that such change will affect cost of services. The company also noted that from the account of a local resident only 2 cents goes to pay the CEO.

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