Mossadiq Umedaly will be making up to $100,000 as B.C. Hydro Corp.'s new chair - which isn't much when you consider the average compensation for corporate directors at Canada's largest publicly traded companies came in at $118,026 last year. But don't feel too bad for him because, just before Mr. Umedaly resigned as vice-president and chief financial officer of Ballard Power Systems Inc. back in 1999, he made a fortune.
According to Bloomberg News, Mr. Umedaly earned "$22.5 million, mostly from exercising stock options in his last year at the fuel-cell developer." At the time, he was "paid of a salary of $96,133, a bonus of $449,735 and $1.04 million in other compensation in 1998" But he boosted his pay by "exercising options for shares in Ballard Power worth $20.9 million." Cha-ching!
Mossadiq is one smart cookie, but not the sweetest in the can. Not the easiest guy to work for, but will probably do a fine enough job attempting to boss Elton around.