New chief earns less, Toronto Hydro reveals

TORONTO, ONTARIO - David O'Brien, Toronto Hydro's new boss, is paid a salary $75,000 lower than that of his predecessor, Courtney Pratt, according to the company's annual information form.

But the form doesn't reveal how much Toronto Hydro Corp. paid as an exit package to former chief financial officer Wanda Liczyk. She left her post last November after being grilled at a public inquiry over her actions as former Toronto treasurer.

The form shows that O'Brien's base pay in 2004 was $275,000 a year, compared with Pratt's $350,000 in 2003. Pratt left at the end of that year to take the top job at Stelco Inc.

O'Brien, who started work at Toronto Hydro in July, was paid a salary of $132,211 for just under half a year on the job. He also got $7,820 in pension and life insurance for a total of $140,031.

O'Brien received no bonus in 2004; his contract says he's eligible for a yearly bonus up to 50 per cent of his salary.

Pratt's compensation in 2003 was supplemented by a bonus of $162,000, plus pension and life insurance of $17,489 for a total of $529,989.

Toronto Hydro Corp., which owns and operates the wires that deliver electricity to the city's homes and businesses, is owned by the City of Toronto.

The form is silent on how much severance Toronto paid its former chief financial officer Wanda Liczyk, who left the company after testifying before the judicial inquiry into some of the city's financial deals.

Toronto Hydro announced Liczyk had gone on paid leave of absence on Nov. 19. Then, on Nov. 29 it issued a release saying she "has left Toronto Hydro Corp."

According to the information form, her last date of employment was Jan. 4, 2005; that means severance payments, if made in 2005, don't have to be reported on the 2004 information form.

In 2004, Liczyk received base pay of $233,403.95, a bonus of $83,820 and $16,697.28 in other pension and insurance compensation for a total of $333,921.23.

Blair Peberdy, vice-president of Toronto Hydro, wouldn't discuss the terms of Liczyk's severance yesterday. Company chair Clare Copeland was out of town and unavailable for comment.

Liczyk's contract entitles her to two years' pay, benefits and bonus unless she was terminated for cause. Peberdy wouldn't say whether she was terminated for cause. Liczyk's lawyer William Anderson couldn't be reached for comment.

At the time of her departure, David Shiner, a city councillor and Toronto Hydro director, said she received "substantially less than she was entitled to under her contract."