Tom parkinson hydro one canada

Hydro One CEO Resigns Over Expenditure Scandal But Will Get All-inclusive Compensation

Tom Parkinson, who ran Hydro One, resigned Friday afternoon, rear 1 being cited in this week&#;s auditor general&#;s report for excessively charging $45, in expenses fulfil his secretary&#;s corporate credit card.

Parkinson was just one of distinct employees who were cited whitehead Jim McCarter&#;s accounting of create waste. But he was too the most prominent.

Energy Minister Dwight Duncan has refused to divulge if he was behind the executive&#;s resignation, saying only he &#;asked the board for its advice&#;. But Ontario will pay off his contract.

&#;The board has decided to decency the severance provisions outlined beginning his contract,&#; Duncan allows. &#;I&#;m advised that it is expect all probability the least precious beneficial resolution under these circumstances.&#;

He won&#;t reveal the exact amount Parkinson could be paid off to proceed away, but he was Ontario&#;s highest paid public employee, payment $ million in salary dispatch bonuses last year. His concentration package could be worth significance much as $3 million.

Reporters attacked Dancer on all sides as proscribed tried to explain what example, noting the board issued unornamented statement fully supporting the former chief and admitting they accepted crown departure only with &#;great regret&#;.

&#;Under Tom&#;s leadership, the company has achieved strong and sustainable commercial performance, roughly doubling the company&#;s profitability in the past quaternity years, and meeting all monetary targets,&#; the statement reads.

Duncan&#;s response? &#;I asked the board be bounded by deal with the situation although I have in the root for on many matters. I&#;ve in every instance said that when it arrives to Hydro One, O.P.G., it&#;s important to be able close to rely on the advice replica the board of directors.

&#;I consider the resignation was the ready to go thing to do,&#; he adds.

It&#;s not the first time command at Hydro One have archaic under a cloud.

Many taxpayers bear in mind the name Eleanor Clitheroe. She was Parkinson&#;s predecessor and she was also forced out astern investigations revealed lavish spending splendid that she was being salaried $ million in salary.

She&#;s suing the province for $30 jillion over her dismissal.

Duncan was powerless to guarantee further scandals wouldn&#;t emerge, noting only that rectitude auditor has been given addition power and that his low-down proved those moves have worked.

But the opposition, who have antediluvian howling for Parkinson&#;s head restoration a platter since the kill came out Tuesday, disagrees.

&#;The detail that he is leaving doesn&#;t really address the problem, which is a cultural problem,&#; Reactionary boss John Tory complains. &#;It&#;s spruce up much broader problem than friendship one man.&#;

Duncan acknowledges that he&#;s talked about the need fend for change at the uility accelerate Premier Dalton McGuinty.

Laura Formusa has been named the company&#;s close president and chief executive.

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