‘Six-Million-Dollar’ Hydro One CEO Walked Away from $10M Severance?

Hydro One’s six-million-dollar man is out the door.

Premier Doug Ford promised during the election campaign that Hydro One CEO Mayo Schmidt would go, even if he had to replace the entire Hydro One board to get it done.

Schmidt is retiring effective immediately, and will leave with the $400,000 severance package he is entitled to under Ontario labour law based on his time on the job, rather than the $10.7-million golden parachute called for in his contract.

Who leaves a $10.7-million severance package on the table in favour of a $400,000 severance payout?

Employment Lawyer Lior Samfiru, Partner at Samfiru Tumarkin LLP, joined host Kelly Cutrara on 640 Toronto to discuss why Schmidt may have opted for the smaller severance amount. Samfiru also explained what an employee with comparable years of service would look forward to in terms of severance pay, and severance packages for executive employees in general. He also addressed severance packages for Hydro One staff.