The new boss at Hydro One — a company recently on the hot seat for widespread overbilling of customers — is making triple what his predecessor earned before privatization.
Chief executive Mayo Schmidt started work Sept. 3 and by the end of the year will enjoy $1.36 million in base pay, incentives and pension value. The man he succeeded, Carmine Marcello, got $1.2 million for all of 2014.
Details of what critics called an “exorbitant” pay packet — which could climb to $4 million annually — came Friday as the government issued a prospectus for investors with Hydro One preparing to sell shares on the stock market this fall.
Soaring executive salaries under the controversial privatization by Premier Kathleen Wynne will nudge electricity bills higher, opposition parties warned.
“If you’re an executive, the lottery just opened,” said New Democrat MPP Peter Tabuns, his party’s energy critic.
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New Hydro One boss’s pay packet a shock to some | Toronto Star
Chief executive Mayo Schmidt started work Sept. 3 and by the end of the year will enjoy $1.36 million in base pay, incentives and pension value. The man he succeeded, Carmine Marcello, got $1.2 million for all of 2014.
Details of what critics called an “exorbitant” pay packet — which could climb to $4 million annually — came Friday as the government issued a prospectus for investors with Hydro One preparing to sell shares on the stock market this fall.
Soaring executive salaries under the controversial privatization by Premier Kathleen Wynne will nudge electricity bills higher, opposition parties warned.
“If you’re an executive, the lottery just opened,” said New Democrat MPP Peter Tabuns, his party’s energy critic.
more
New Hydro One boss’s pay packet a shock to some | Toronto Star