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The six-million-dollar-man — known as Mayo Schmidt outside of PC campaign literature — was the CEO of Hydro One, whom Ford targeted for his $6.2 million compensation package in 2017. Ford promised that Schmidt's ousting would be among the first things he did as Ontario premier, even though the corporation was partially privatized by the Wynne government, leaving the province with a minority 47 per cent share.
Political interference
Ford was nevertheless successful in pressuring Schmidt to leave his post, which the now-former CEO exited with a $400,000 lump sum and likely millions more in awards and benefits. His resignation catalyzed a mass resignation of the entire 14-member board, the effects of which weren't really felt until last week, when U.S. regulators denied Hydro One's proposed takeover of Spokane-based energy company Avista Corp., citing political interference.
Hydro One president and CEO Mayo Schmidt bowed to pressure from Ford to step down from his $6 million a year job. He left with millions in stocks and other benefits. (John Woods/Canadian Press)
"The agreement resulting in the resignation of the Hydro One board and CEO elevated the provincial government's political interests above the interests of other stakeholders, including investors that own 53 per cent of Hydro One's common stock," the Washington Utilities and Transportation Commission said. In other words, the commission was concerned about Ford sticking his nose in it.
The decision will see Hydro One pay a $103 million US (or $138 CAD) penalty for terminating the agreement, in addition to other sunk financing costs.
Essentially, the Ontario government will spend tens of millions of dollars to save $6 million.
Political interference
Ford was nevertheless successful in pressuring Schmidt to leave his post, which the now-former CEO exited with a $400,000 lump sum and likely millions more in awards and benefits. His resignation catalyzed a mass resignation of the entire 14-member board, the effects of which weren't really felt until last week, when U.S. regulators denied Hydro One's proposed takeover of Spokane-based energy company Avista Corp., citing political interference.
Hydro One president and CEO Mayo Schmidt bowed to pressure from Ford to step down from his $6 million a year job. He left with millions in stocks and other benefits. (John Woods/Canadian Press)
"The agreement resulting in the resignation of the Hydro One board and CEO elevated the provincial government's political interests above the interests of other stakeholders, including investors that own 53 per cent of Hydro One's common stock," the Washington Utilities and Transportation Commission said. In other words, the commission was concerned about Ford sticking his nose in it.
The decision will see Hydro One pay a $103 million US (or $138 CAD) penalty for terminating the agreement, in addition to other sunk financing costs.
Essentially, the Ontario government will spend tens of millions of dollars to save $6 million.
