CEO's exit costs Hydro One 5 million dollars
According to figures disclosed to the System for Electronic Document Analysis and Retrieval, a financial information database used by publicly traded companies, Parkinson was to receive a salary of $761,786, a $648,000 bonus and other payments of more than $139,113.
That's in addition to the $3.32 million he received in severance when he resigned in December, amid controversy he improperly billed personal expenses to his secretary's corporate credit card.
The terms of Parkinson's severance also include relocation costs if he decides to return to his native Australia, full benefits for two years, a mortgage interest subsidy of up to $125,000 on his mansion, and pension payments upon retirement, CTV News reported.
In the end, Parkinson will get $4,868,899.
The CEO left his job after the province's auditor general issued a scathing report about his billing practices.
Former Hydro One CEO Eleanor Clitheroe's $30 million wrongful dismissal lawsuit is still before the courts and the government has said Parkinson could have launched similar legal action had he been fired.
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PC Leader Doug Ford vows to fire Hydro One CEO, board if elected
TORONTO - Ontario PC Leader Doug Ford is vowing to fire the head of Hydro One, and its entire board if he's elected premier in June.
Ford made the announcement, calling President and CEO Mayo Schmidt, Premier "Kathleen Wynne's $6-Million dollar man," referring to his yearly salary and bonuses, which now add up to $6.2 million.
"This board and this CEO are laughing themselves to the bank," Ford said.
However, it's unclear how Ford would do that since the province does not control the company anymore.
"We don't have the ability to go out and say we are firing the CEO at Hydro One,"…
