New Ferries Chief Takes 40% Pay Cut

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VICTORIA – The BC Ferries Services Board announced today the appointment of Michael J. Corrigan as President and CEO effective January 1, 2012.

In making the announcement, Services Board Chair Donald Hayes said, “We are extremely pleased that Mr. Corrigan will be taking over the helm of BC Ferries. Mr. Corrigan’s past business experience, as well as his nine years in the separate roles of Chief Operating Officer and Executive Vice President of Business Development at BC Ferries have prepared him well to take on the leadership of the company.”

“The Board of Directors is looking forward to working with Mr. Corrigan as he takes over as President and CEO at this important period in BC Ferries’ evolution,” said Mr. Hayes. Mr. Corrigan will be succeeding David L. Hahn who announced in September his pending retirement as of December 31, 2011.

Mr. Hayes also noted that Mr. Corrigan’s overall compensation package as President and CEO will be in line with recent provincial government legislative requirements and will be approximately 60 per cent of the outgoing President.

As the Board announced in September, it is also phasing out the 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,” Mr. Hayes stated. “By phasing out the long term bonus program and other compensation reductions, the Board expects the company to save approximately $700,000 per year.”

In a further effort to reduce costs, Mr. Corrigan also announced that his previous position as Chief Operating Officer will be eliminated December 31, .2011 which will save the company $600,000 per year.

In speaking to the announcement, Mike Corrigan said, “I am looking forward to working with the provincial government, the B.C. Ferry Commission and ferry dependent communities on achieving outcomes that work for everyone. We need a coastal ferry system that is safe, reliable and affordable. I also want to continue to engage our employees in our SailSafe program and work towards making BC Ferries an exceptional place to work.”