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TORONTO – Hydro One has appointed a new president and CEO as the government-owned utility prepares for privatization.
The agency’s board of directors says Mayo Schmidt will take over from the current president and CEO, Carmine Marcello, on Sept. 3.
Marcello will stay on as an advisor in the lead up to the initial public offering.
David Denison, the chair of Hydro One’s board of directors, says 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.”
Schmidt previously served as CEO of the global agri-business Viterra before the company was acquired by Glencore International in 2012.
Hydro One says his most recent activities include “leading a number of international growth and development projects.”
