Newfoundland and Labrador Hydro is streamlining its executive structure, removing duplication and eliminating performance bonuses as part of the merger of Nalcor into NL Hydro.

The executive team has been trimmed from 18 positions down to 11, including ten vice presidents and the CEO.

President Jennifer Williams says a new compensation framework for the Hydro executive team has also been implemented effective immediately.

Hydro is removing the Executive Vice President and Senior Vice President positions, and is cutting out things like performance bonuses and vehicle allowances, resulting in what Hydro says should be an over 35 per cent reduction in total executive compensation costs – equivalent to $2.2 million dollars annually.

The full breakdown of Hydro’s executive structure plan can be found below.