Amid prospective merger talks with two other major power utilities, the Oshawa Power and Utilities Corporation has parted ways with its CEO.
Sources informed The Oshawa Express late Monday that Atul Mahajan had been fired from his position with the OPUC. However, when reached on his cell, Mahajan said the split was mutual.
“It was a joint decision, I think from my standpoint, we were both in good agreement that I should move on,” he said, noting that discussions had been ongoing on June 6.
When asked if he was surprised by the decision, Mahajan said in matters like these there is always “that surprise element.”
“As you can appreciate this is sudden,” Mahajan said, noting that he could not provide further details due to confidentiality. “All I can say is I wish Oshawa the very best.”
When reached for comment, OPUC spokesperson Nadeige Carter said a meeting would be held Tuesday morning, following which further details would be shared.
Mahajan started his career with the OPUC in 2004 as the chief financial officers. In 2009, he was named CEO and has held the position until today.
Prior to joining the Oshawa PUC, Mahajan worked with Global Petrochemcial Processes Limited, where he worked as finance manager and later as vice-president of finance and business development.
In the interim, Ivano Labricciosa, OPUC’s vice-president of engineering and operations, will be taking over the role of CEO.
According to a news release, Labricciosa will “assume the responsibilities of the CEO by acting as special advisor to the board. Ivano is familiar with the organization and brings a breadth of electricity utility distribution experience spanning close to 30 years.”
Nadeige Carter, spokesperson with the OPUC, says Labricciosa will be remaining in the position until merger talks and investigations are complete. Depending on the outcome of those investigations, it is unclear whether a replacement CEO will need to be hired.
“Should we not proceed with the merger, we shall be recruiting for the position,” Carter says.
Currently, the OPUC is investigating the possibility of a merger with the Whitby Hydro Electric Company and the Veridian Corporation.
The decision was made following the signing of a memorandum of understanding between the three groups in April.