Mayo Schmidt, CEO of Hydro One, is shown talking to media after a meeting in Winnipeg on March 12, 2008.

TORONTO — The CEO of Hydro One is retiring immediately and its board of directors will resign and be replaced in an agreement with the provincial government.

A statement from Hydro One says the new board of directors will initially consist of 10 members.

It says under the agreement, the province will nominate four replacement directors and the remaining six nominees will be identified through a committee comprised of representatives of Hydro One’s largest shareholders other than the province.

More coming.

Previously On HuffPost:

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Source:: The Huffington Post – Canada Business

      

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