A year after Holden, Enmax ready to name new CEO

One year afterEnmax CEO Gary Holden was fired, the city owned-utility is expected to name a replacement.

That person, expected to be named within weeks,will replace Gary Holden.He wasterminated without causea year ago following a CBC investigationthat revealed he was paid$2.9 million in 2010,the company parties he hosted at his house featuring Tom Cochrane and The Tragically Hips Gordon Downie and thefree trip to Monacohe accepted from an Enmax supplier.

TheEnmax boss even made aForbes Magazine'sTop 10 list for the fifth biggest CEO screw up of 2010.The magazine chose"paranoid-sounding Holden"for his choice to send out acompany-wide emailcriticizing media coverage of his pay package and private house parties.

David Allwright, the associate dean of business at Mount Royal University, said the changes the company has made will be good for Holden's successor.

Changes include top salariesbeingrolled back 20 per cent, businessman Cliff Fryers leaving as Enmax's board chair, several new board membersbeing appointed and city councilgiving the company some new marching orders.

'I don't know if the work is done yet, but I'm willing to give the new CEO an opportunity before I make any judgment on that.' Calgary Mayor Naheed Nenshi

But Allwright said the jury is still out on whether Enmax has truly changed.

"The next controversy is the one where the real test comes as to whether or not they've managed to break from the past and have created a new image for themselves."

Nenshi confident in Enmax

Calgary Mayor Naheed Nenshi says he's confident the next CEO will be able to focus on the business of the city-owned companynot past controversies thathe says took up much of late2010 and early 2011.

While things might be better at Enmax, Nenshi said hes keeping an open mind about more changes.

"I don't know if the work is done yet, but I'm willing to give the new CEO an opportunity before I make any judgment on that."

There's been plenty of speculation about who that new CEO could be, but no comment from city council or Enmax.

Charles Ruigrok has led the company as its interim CEO since Holden's departure.

"We're looking for somebody that's going to be a strong leader for the organization and be able to continue to progress the key strategies that we've laid out for the organization as we look to the future obviously the completion of Shepard," he said.

That's the $1.3 billion power plant that Enmax is building in southeast Calgary; a key part of Enmax's future, which was pushed by Holden.

Here is a timeline of the Enmax controversy:

• October2010: A CBC investigation reveals Gary Holdens compensationamong the highest paid heads of any publicly-owned company or government agency in Alberta of $2.4 million in 2008, $2.7 million in 2009 and $2.9 million in 2010. It is alsorevealed Holden hosted company parties with rock stars (Tom Cochrane and The Tragically Hips Gordon Downie).
• November 2010: Holdenemails a five-page memo to all Enmax employees defending his salary and the company parties at his house, and vows to hunt down the whistleblowers who alerted the media.
• December 2010:Forbes magazine lists Holden as one the of "biggest CEO screw-ups of 2010" for his email.Blue Rodeo isbooked for the company Christmas party, butit's cancelled after Calgary Mayor Naheed Nenshi openly disapproves of thecompany money pegged for it.
• January 2011: Gary Holden announces his immediatedeparture as Enmax CEO after a trip to Monaco bought by an ENMAX supplier wasmade public.
• February 2011: Charles Ruigrok, already an Enmax boardmember, named interim CEO. Details on Holden's severance package emerges, shows Holden was terminated without cause and paid $5.4million in combined severance and pensionpayments.
• May2011:Mayor Nenshi says corporation going in a new direction, top salaries rolled back by20 per cent.
• January to February 2012: New CEO expected to be named.