The Board of Hydro One has unanimously resolved our full and ongoing
confidence in Tom Parkinson to continue as President and CEO of Hydro
One.
However, in consultation with Tom and in light of the circumstances,
we have decided, with deep regret, to accept Tom's resignation effective
December 8, 2006.
The Board unanimously recognizes and commends the company's substantial
achievements of the past four years, attributable to Tom's exemplary leadership.
Tom has demonstrated his passion for Hydro One through his unwavering
commitment to safety, customer service, productivity and the reliability
of the electricity system throughout Ontario. Under Tom's leadership the
company has achieved strong and sustainable financial performance, roughly
doubling the company's profitability in the past four years, and meeting
all financial targets. During the same time period, Hydro One's credit
rating was enhanced several times; it stands today at A(high) with Dominion
Bond Rating Service Inc. Tom has also overseen a succession of significant
infrastructure projects and brought each one in on time and on budget.
Tom leaves with the admiration and best wishes of our Board and management.
Rita Burak
Chair, Hydro One
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For more information, contact Hydro One Media Relations 24 hours a day
at 1-877-506-7584 (toll-free in Ontario only) or 416-345-6868. Our website
is www.HydroOne.com.
