Hydro-Quebec interim CEO to receive $575000 salary

The replacement for Hydro-Québec's top executive will receive the same salary as his predecessor for the six weeks he spends in the interim.

Chief Financial Officer Jean-Hugues Lafleur will receive an annual base salary of $575,000 in proportion to his time as interim president and CEO of the Crown corporation, under a government decree.

For the period from June 21 to July 31, during which he held this position, Lafleur will receive compensation 28 per cent higher than his 2022 salary conditions, again in proportion to the time spent in the interim.

The replacement may be taken into account in determining his annual bonus, but may not exceed 50 per cent of the salary paid, the decree specified.

Lafleur was called in after the surprise resignation of Pierre Despars on June 21.

The CFO had already served as interim CFO in 2020, between the leadership of Éric Martel and Sophie Brochu. He will lead Hydro-Québec until Michael Sabia takes over.

This report by The Canadian Press was first published in French on July 13, 2023.