Business transition veteran to lead Hydro One toward public ownership
TORONTO—The Board of Directors for Hydro One has announced the appointment of Mayo Schmidt as the company’s incoming president and CEO as utility and transmission company prepares for its initial public offering.
“We believe that Mr. Schmidt is the ideal person to lead Hydro One in its new era as a publicly held company, bringing a sharpened focus on system reliability, customer service and improved growth and performance,” David Denison, chair of the Hydro One board, said. “As the former CEO of Viterra and its predecessor, Saskatchewan Wheat Pool, Mr. Schmidt has an admirable track record of leading large scale business transformation and growth while generating value and benefits for investors, employees and customers alike.”
As head of Viterra, Schmidt transformed a relatively small regional co-operative into a publicly-held, multi-billon dollar corporation with nearly 7,000 employees and operations around the world. Schmidt’s most recent activities include leading a number of international growth and development projects. He was slotted to become CEO of Louis Dreyfus Commodities BV, a Netherlands-based commodity giant, last year before the agreement collapsed.
“The opportunity to lead Hydro One through this critical transformation is both energizing and exciting,” Schmidt said. “I believe we can shape Hydro One into the finest energy company of its kind globally, with a strengthened culture of service and customer satisfaction along with best-in-class performance which in turn will create avenues for new growth. This is the beginning of an enormous opportunity for all of us within Hydro One.”
Schmidt will commence his duties effective Sept 3, 2015, taking over from current president and CEO Carmine Marcello, who will remain as an advisor to both Schmidt and Denison to provide support in the transition and the upcoming IPO.