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Hydro One’s six-million-dollar man is out the door.

Premier Doug Ford promised during the election campaign that Hydro One CEO Mayo Schmidt would go, even if he had to replace the entire Hydro One board to get it done.

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At the end of the business day Wednesday, Hydro One announced Schmidt would be retiring effective immediately, and that board members would leave on a staggered basis over the next month to allow for an orderly replacement process.

“I’m happy to say we kept our promise,” Ford said Wednesday. “I’m happy to say today the CEO and the board of Hydro One – they’re gone, they’re done.”

Schmidt was paid almost $6.2 million last year, up $1.7 million from $4.5 million in 2016.

Tory MPP Vic Fedeli, who has since been promoted to Finance Minister, told the Toronto Sun in March that Ford was “livid over this,” and determined to rein in executive compensation.

Schmidt will leave with the $400,000 severance package he is entitled to under Ontario labour law based on his time on the job, rather than the $10.7-million golden parachute called for in his contract.