Alderman defends buy out for former Enmax CEO
Posted Feb 5, 2011 10:41 am.
This article is more than 5 years old.
There may be some anger with the $4.6 million compensation payout for the former CEO of Enmax, but a city alderman, who sits on the Enmax Board, points to the record of Gary Holden who became known more for his lifestyle than his duties at the the city-owned utility.
Alderman Brian Pincott tells the Herald that the city can hire a different calibre of CEO, but it not see “$63 million in dividends.”
In 2002, Enmax returned $35 million to the city. Last year under Holden, dividends were $63 million.
Enmax Chair Cliff Fryers notes the company increased its market share under Holden from 18 to 44- per cent.
Still Mayor Naheed Nenshi says executive compensation will be at the top of the city’s agenda later this month, saying basing compensation for a CEO on what his peers are making creates a disconnect with the value that person is providing in return.
Scott Hennig of the Canadian Taxpayers Federation calls it “a pretty, darn generous” buy out for a someone who authored his own demise and then quit his job.
Holden resigned after allegations he accepted a paid trip to Monaco by a company supplier.
