Hydro One Faces ‘Ontario Overhang’ After Ford Ousts Board
- Utility shares downgraded by three analysts as CEO resigns
- New Ontario government had pledged to dismiss Hydro One board
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Hydro One Ltd. fell the most since it went public three years ago after Ontario Premier Doug Ford fulfilled an election promise to shake up the utility’s executive team and ousted the board.
The retirement of Chief Executive Officer Mayo Schmidt and the resignation of the entire board late Wednesday prompted four analysts to downgrade the stock. Hydro One fell as much as 7.9 percent to a record low in early Thursday trading.