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Money Hydro One shares down after Ontario government says CEO, board out

20:56  12 july  2018
20:56  12 july  2018 Source:   cbc.ca

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Hydro One Ltd. shares slid Thursday with some analysts sounding warnings of larger uncertainty after the brand new Ontario go. After sagging by virtually eight per cent in early buying and selling on the Toronto Inventory Alternate, shares of the corporate had been later down 4 per cent, or 81 cents, at

In January 2018 the Ontario government announced they had sold over 14 million shares of Hydro One to OFN Power Holdings, a partnership controlled by 129 First Nations around the ^ " Hydro One shares down after Ontario government says CEO , board out ". Canadian Broadcasting Corporation.

a person wearing a suit and tie: Hydro One's CEO Mayo Schmidt has retired as part of an agreement between the Ontario government and the utility company.© John Woods/Canadian Press Hydro One's CEO Mayo Schmidt has retired as part of an agreement between the Ontario government and the utility company.

Hydro One Ltd. shares slid Thursday with some analysts sounding warnings of greater uncertainty after the new Ontario government announced the retirement of the electrical utility's chief executive and the replacement of its board of directors.

After sagging by almost eight per cent in early trading on the Toronto Stock Exchange, shares of the company were later down four per cent, or 81 cents, at $19.36 as of 11:42 a.m. ET.

On Wednesday, after stock markets had closed for the day, Ontario Premier Doug Ford announced the immediate retirement of Hydro One CEO Mayo Schmidt. He leaves with a $400,000 payout in lieu of post-retirement benefits and allowances, Hydro One said.

Hydro One board resigns, CEO retires

  Hydro One board resigns, CEO retires Premier Doug Ford says he has made good on a key campaign promise, announcing the immediate retirement of the CEO of Hydro One and the resignation of the utility's entire board of directors.Ford, who promised that if he was elected he would fire Hydro One CEO Mayo Schmidt, dubbing him the "Six-Million-Dollar Man" during the spring election campaign, hailed it as a "great day" for the province.

Paul Dobson, Hydro One ’s chief financial officer , wish serve as acting CEO until a new top executive is selected. Ford also about the entire board of She said the agreement that will see Hydro One consult with the uninformed government on matters involving executive pay could have an impact on

Hydro One 's CEO is retiring as part of an agreement between the Ontario government and the utility company that will also see the replacement of all board members. " After years of rising electricity bills, this is a step towards our main goal — bringing down electricity rates for all Ontarians," he said .

During the recent provincial election campaign, Ford vowed to fire Schmidt, who earned $6.2 million last year.

Paul Dobson, Hydro One's chief financial officer, will serve as acting CEO until a new top executive is selected.

Ford also said the entire board of directors of the utility would resign. Hydro One said a new board — four members of which will be nominated by the province — will select the company's next CEO, and the province will be consulted on the next leader's compensation.

A new board is expected to be formed by mid-August.

The provincial government is the largest single investor in Hydro One, holding a 47 per cent stake. The company was partly privatized by the former Liberal government in 2015.

In response to the government's move to supplant the utility's board and CEO, some analysts cautioned investors on raised political or regulatory risks.

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Hydro One shares down after Ontario government says CEO , board out . The agreement, signed by former Hydro One chair David Denison and Ontario Energy Minister Greg Rickford, says because Schmidt agreed to retire, he is still entitled to pension benefits and various shares in the

Analyst Jeremy Rosenfield of iA Securities cut his rating on Hydro One shares to hold from buy, and reduced his 12-month price target for the stock to $24 from $26.

Rosenfield said the stock is still a defensive investment supported by stable earnings and cash flows, good earnings growth and healthy dividend.

However, he said in a research note that "the heightened potential for further political interference in the province's electricity market and regulated utility framework represent key risk factors that are likely to outweigh Hydro One's fundamentals over the near term."

Potential challenge to find new CEO

Laurentian Bank Securities analyst Mona Nazir said in a research note that the magnitude of change all at once was "surprising but not shocking."

She said the agreement that will see Hydro One consult with the provincial government on matters involving executive pay could have an impact on the hiring of a new CEO for the utility.

As the share price falls, retiring Hydro One CEO to get millions

  As the share price falls, retiring Hydro One CEO to get millions As the share price falls, retiring Hydro One CEO to get millionsThanks to his stock options, the ousted head of Hydro One will walk away with close to the $10.7 million he would have received in severance — far more than a $400,000 retirement payout Premier Doug Ford touted as a victory for ratepayers.

Hydro One shares down after Ontario government says CEO , board out . Hydro board lacks expertise in engineering, finance, human In the aftermath of the board cleanout, the provincial government has vowed to butt out of Hydro One 's affairs. But as long as it has a legislative cudgel

Hydro One ’s CEO and board are out after a mass resignation from the utility. He blamed rising hydro rates on the previous government ’s Clean Energy Act and vowed that its repeal and Hydro One said a new board of directors will consist of 10 members, with four being appointed by the

"Given the government's open and public criticism of the company and a potential ceiling on compensation, it may be challenging to attract top talent to the position," she wrote.

Laurentian cut its rating on the Hydro One to hold and reduced its price target to $21 from $24.

Analysts at CIBC World Markets said investors face an uncertain future.

"In particular, we are are concerned about the government meddling in with [power] rates," wrote Robert Catellier and Archit Kshetrapal in a research note, adding they believe the new provincial government is aiming for a 12 per cent reduction in customers' power bills.

CIBC reduced its price target on Hydro One's shares to $20.50 from its previous target of $24.

The Ford government is risking Ontario’s reputation as a good place to do business .
The Ford government is risking Ontario’s reputation as a good place to do businessAh, the omnibus bill. It’s a majority government’s expedient way of rushing through a hodgepodge of new laws without taking time for proper debate.

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