Former Enmax CEO walks away with $4.6 million severance package

CALGARY – The former CEO of Enmax will walk away from the job with a $4.6 million severance package.

Enmax’s Board of Directors has finalized the severance amount paid to Gary Holden at $4,629,333.00. The amount is consistent with his Employment Agreement.

Enmax says the amount will not affect the annual dividend paid to the City of Calgary by the city owned energy company.

Holden was forced to resign in late January. The move followed much criticism over his spending habits and high salary.

In the fall there were revelations of rock star parties at Holden’s home, which he said were part of a green products marketing effort.

There were also questions about transparency and compensation, both for Holden and the board.

Holden stated his departure was what was best for the company overall.

Mayor Naheed Nenshi has said he will call a special meeting this month between council and board of Enmax to discuss governance issues, along with council’s role and mandate for Enmax.

In a statement issued from the Mayor’s office regarding Holden’s severance it said ‘Your City Council sees fixing the governance of ENMAX as a major priority, and we are working to do so in the best interests of Calgarians."

It also stated council had no control over Holden’s severance.

On Tuesday, former Syncrude executive Charles Ruigrok was appointed interim leader of Enmax while the board searches for a new president.