SHOCKING NEWS, BUT NOT SURPRISING – DOUG FORD’S HYDRO DISMISSALS WILL COST NEARLY $14-MILLION

Ontario Premier DOUG FORD has been saying that dismissing the electrical utility’s CEO and board is cost-free. A Globe and Mail analysis reveals the departures will cost nearly $14-million. Ex-CEO MAYO SCHMIDT will receive $9-million and board members a total of $4.9-million.

Shares have dropped as analysts worry political interference will negatively affect the company. – Globe and Mail, July 13/2018

ABOVE – ‘The $9-million man, MAYO SCHMIDT, chose to retire instead of resigning after about six months on the job, and will get close to the $10.7-million he’d have received in severance, along with stock options.  His pension of about $163,000 annually and benefits remain intact. – from columns and reportage in the Toronto Star, July 13/2018

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