Interim Enmax head to be paid $1.2M a year

Enmax interim CEO Charles Ruigrok will make the equivalent of $1.2 million a year.

The Enmax board of directors announced his compensation on Monday.

Ruigrok — a member of the Enmax board of directors and former CEO of Syncrude Canada who had previously worked with Imperial Oil for 26 years — has agreed to a six-month contract that can be extended if necessary.

Ruigrok will not receive his Enmax director compensation and is not eligible for company benefits or bonuses, Enmax said.

He replaced Gary Holden, who resigned last month. Holden's salary and benefits amounted to $2.7 million in 2009.

Much of Holden's compensation was short-term and long-term bonuses paid for accomplishing personal and corporate goals. His base pay was $700,000, which made him the highest-paid head of any publicly owned company or government agency in the province.

Enmax said Friday that Holden's severance package would be more than $4.6 million.

The city-owned utility said last week it would begin the search for a new president and CEO.

Ruigrok said he likely wouldn't put his name in for the permanent position based on the compensation he's been offered, as he believes it's "not market-competitive."

"I'm just not eligible for bonuses and the long-term incentives aren't being measured in the same way that a permanent CEO would be measured, in that regard," said Ruigrok.

"If you do your homework and compare compensation at Enmax to those of our prime competitors....We're in a competitive marketplace, we're doing the same thing."