CALGARY — The days of hefty executive-level buyouts, luxury jet rides and rock stars performing at lavish parties are over for Calgary-owned utility Enmax.
The toned-down lifestyle at the corporation’s upper level was announced Tuesday after a closed-door meeting involving the mayor, city councillors and Enmax’s board.
The meeting follows recent sharp criticism of the city’s wholly owned subsidiary after it was revealed that former CEO Gary Holden hired rock stars to perform at parties at his home.
Word of a $4.6-million payout for Holden when he left Enmax late last year raised more questions among councillors about the company’s operations.
Mayor Naheed Nenshi (nah-HEED NEHN’-shee) says Enmax’s board has reaffirmed that its primarily responsible to the citizens of Calgary and there will be “no more private jets or cars.”
In 2009, the company had shareholder’s equity of more than $1.74 billion and net earnings of $205.9 million.