BC Ferries has appointed Michael Corrigan as its president and CEO. He replaces David Hahn, who announced his retirement in September.
Donald Hayes, chairman of the Ferries board, said, “Corrigan’s past business experience, as well as his nine years in the separate roles of COO and executive vice-president of business development at BC Ferries, have prepared him well to take on the leadership of the company.”
Hayes also noted that Corrigan’s compensation will be in line with recent provincial government legislative requirements.
Corrigan will get approximately $600,000 a year; Hahn was getting $1 million.
The board is also phasing out a long-term bonus program for senior executives.
“To facilitate this action, Mr. Corrigan and three other senior executive members will receive a one-time only payment in consideration for the long-term bonus program being cancelled,” said Hayes.
It is estimated that this will save the Crown corporation an additional $700,000 a year.
Corrigan also announced that his previous position as COO will be eliminated at the end of the year, saving BC Ferries a further $600,000 a year.
Jennifer Harrison
@JHarrisonBIV