Gary Holden walked away from his CEO position at Enmax a very rich man.
The embattled Enmax CEO pocketed $4,629,333.00 in severance after The Board of Directors ousted the scandal plagued Chief Executive.
According to Enmax, the multimillion dollar severance was consistent with terms of his Employment Agreement. Translation: Enmax didn’t pay to shut him up.
Gary Holden made headlines throughout last year for his playboy behavior. He threw lavish parties, gave himself staggering pay raises ($700,000 to $2.7 million in 7 years) and then sent a paranoid 5 page email to Enmax employees ordering them to rebuff media inquiries.
The final straw came when CBC reported about a trip Gary Holden took to Monaco that was funded by a European firm engaged in a multimillion dollar contract with Enmax.
For all the controversy and the negative press Gary Holden brought upon Enmax, he is still walking away with about a year and half’s pay. That leads to the question, ‘Does bad CEO behavior pay?’
These former Canadian CEOs would say yes:
Former Hydro One CEO Tom Parkinson pocketed a $3-million severance package when he resigned amid allegations of inappropriate expenditures. His predecessor, Eleanor Clitheroe, left with a $6-million severance package for similar misconduct.
When Alberta decided to consolidate the province’s nine health boards, the outgoing CEOs of the individual boards were left a new lease on life. And by that we mean gobs of money and wide open calendars. The Calgary and Edmonton heads walked away with about $1.5 million. Left with a sick feeling in hi stomach, Alberta Auditor General Fred Dunn called for reforms on public CEO severance packages.
And to cap the list of exorbitant bonuses and severances…Wall St.
The embattled Enmax CEO pocketed $4,629,333.00 in severance after The Board of Directors ousted the scandal plagued Chief Executive.
According to Enmax, the multimillion dollar severance was consistent with terms of his Employment Agreement. Translation: Enmax didn’t pay to shut him up.
Gary Holden made headlines throughout last year for his playboy behavior. He threw lavish parties, gave himself staggering pay raises ($700,000 to $2.7 million in 7 years) and then sent a paranoid 5 page email to Enmax employees ordering them to rebuff media inquiries.
The final straw came when CBC reported about a trip Gary Holden took to Monaco that was funded by a European firm engaged in a multimillion dollar contract with Enmax.
For all the controversy and the negative press Gary Holden brought upon Enmax, he is still walking away with about a year and half’s pay. That leads to the question, ‘Does bad CEO behavior pay?’
These former Canadian CEOs would say yes:
Former Hydro One CEO Tom Parkinson pocketed a $3-million severance package when he resigned amid allegations of inappropriate expenditures. His predecessor, Eleanor Clitheroe, left with a $6-million severance package for similar misconduct.
When Alberta decided to consolidate the province’s nine health boards, the outgoing CEOs of the individual boards were left a new lease on life. And by that we mean gobs of money and wide open calendars. The Calgary and Edmonton heads walked away with about $1.5 million. Left with a sick feeling in hi stomach, Alberta Auditor General Fred Dunn called for reforms on public CEO severance packages.
And to cap the list of exorbitant bonuses and severances…Wall St.
