Hydro One lands new boss to replace CEO ousted by Premier Doug Ford - 2019-03-28
Hydro One has landed a new boss to replace ousted CEO Mayo Schmidt, nicknamed "the six million dollar man" by Premier Doug Ford for his annual pay packet. After months of sparring with the Ontario government — its largest single shareholder — about executive salary levels, the partially privatized electricity and transmission company has named BC Hydro executive vice-president of operations Mark Poweska as president and chief executive.
Mark Poweska has been named president and CEO of Hydro One. Poweska is currently executive vice-president of operations at BC Hydro.
Energy Minister Greg Rickford ordered Hydro One earlier this month to ensure its next head earns no more than $1.5 million a year, about half the $2.78 million the publicly traded company had proposed to ensure it could attract top talent. "We're confident that Mr. Poweska's extensive background in generation, transmission and distribution is the experience Hydro One needs," Rickford said in a statement Thursday night. "I firmly believe that Hydro One's best days are ahead and the company will be stronger than ever." Poweska, a mechanical engineer, has been at BC Hydro for 25 years and will start his new job in early May.