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.
Related News

California scorns fossil fuel but can't keep the lights on without it
SACRAMENTO - California wants to quit fossil fuels. Just not yet Faced with a fragile electrical grid and the prospect of summertime blackouts, the state agreed to put aside hundreds of millions of dollars to buy power from fossil fuel plants that are scheduled to shut down as soon as next year.
That has prompted a backlash from environmental groups and lawmakers who say Democratic Gov. Gavin Newsom’s approach could end up extending the life of gas plants that have been on-track to close for more than a decade and could threaten the state’s goal to be carbon neutral by 2045.
“The…