Ford government announces Hydro One CEO to retire and entire board will resign

Jul 12 2018, 4:33 am

The CEO of Ontario’s Hydro One, Mayo Schmidt, will be retiring immediately and all of the board of directors will resign.

The announcement was made today by Minister of Energy, Northern Development and Mines, Greg Rickford.

“Our government was elected on a promise to lower electricity bills for the people of Ontario. This included a promise to address governance at Hydro One,” Rickford said in a statement.

The board of directors will step down through a “manage processed” that will take place before August 15.

“Given the critical importance of Hydro One to our province’s electricity system, our government will be closely engaging in the leadership transition at Hydro One to ensure the stability of the system is preserved and consumers are protected,” said Rickford.

The minister went on to say that the Ford government will play a “key role” in choosing the new board and is currently working on new legislation that will improve the transparency and accountability of Hydro One.

Premier Doug Ford expressed his support for the decision on social media.

“We promised the people of Ontario that we would lower their hydro rates and that started by addressing leadership at Hydro One,” he wrote. “I was pleased to learn this afternoon that the CEO and all board members will be resigning,”

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