March 19, 2009
FREDERICTON (CNB) - The board of directors of NB Power has announced that David Hay's contract as president and CEO of the company has been extended for three years. The contract is subject to any legislation or publicly announced government policies and directions of general application to the public service of the province; therefore, Hay's salary is subject to the freeze announced in this week's budget. Furthermore, the board has extended the freeze of all performance-based remuneration programs for the upcoming fiscal year 2009-10.
Hay became president and CEO of NB Power in March 2004. During his first mandate, NB Power achieved several milestones, including:
In a statement, the board of directors expressed confidence in the leadership of NB Power's management team and its ability to provide the province with electricity at the lowest possible cost, consistent with safety, reliability and environmental concerns.
MEDIA CONTACT: Bob Scott, director, Office of the Chairman, 506-458-6850, e-mail: email@example.com.