Daryl Kramp says the Hydro One management shuffle was needed to change the culture of the company.
As part of an agreement with the Ontario government and Hydro One, former CEO Mayo Schmidt will retire and all of the board members will be replaced. Schmidt’s retirement was effective immediately. Ford said that Schmidt will get “zero severance.” He will, however, be getting a $400,000 payout to replace his post-retirement benefits and allowances. We went down Hastings Street to ask for your opinion on how this affect you.
Daryl Kramp, the M.P.P. for Hastings-Lennox & Addington, says that for the direction of Hydro One to change, this needed to happen. He added that he doesn’t think the workers of Hydro One were the problem. It was management that was the problem. He went on to say that while the search for a new CEO should be thorough and many candidates should be looked at, he hopes they look from within too.
When the new board members are decided they will then be tasked with hiring a new CEO. Kramp says that when the new management team is in place, they will be under a lot of pressure.
In a statement put out Wednesday, Hydro One said that all current board members will resign and be replaced. The transition should be done by August 15th. Also in the statement, Paul Dobson, Hydro One’s Chief Financial Officer, was named acting CEO.