The long-time Executive Vice President and Chief Financial Officer of Nalcor is out.

Derrick Sturge’s contract was severed without cause. As such, he’s legally entitled to $900,000 in compensation.

President and CEO Stan Marshall announced Sturge’s departure today.

Marshall says it was decided that Sturge’s departure from Nalcor was the best next step as Nalcor approaches what Marshall calls “a time of transition.”

Carla Russell has taken on the role and responsibility of Acting Executive Vice President of Finance and CFO.

View the terms of the contact, provided by Nalcor, in this document.