Nfld. & Labrador

$1.3M severance for Ed Martin from Nalcor

How much does a departing head of Nalcor get when he leaves the job? Ed Martin took home $1.387,815.74 according to numbers confirmed by the energy corporation on Tuesday.
Ed Martin earned just under $700,000 a year in salary and his contract entitled him to double that in severance. (Bruce Tilley/CBC)

How much does a departing head of Nalcor get when he leaves the job? Ed Martin took home a severance package that made him a millionaire.

According to numbers confirmed by the energy corporation on Tuesday, Martin's final pay cheque was $1.387,815.74.

Nalcor's manager of corporate communications, Deanne Fisher, said Martin's contract entitled him to severance of two times his salary of $685,000, bonus and vehicle allowance.

Martin stepped down as CEO of Nalcor Energy on April 20 after a decade at the helm.

His resignation came after the provincial government expressed frustration about cost overruns and delays at Muskrat Falls.

Martin was replaced a day later by Stan Marshall, the former head of Fortis Inc.