BC Ferries announces new CEO

Veteran executive Mike Corrigan will replace David Hahn as president and CEO of BC Ferries in January, the corporation announced Tuesday.

"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," Corrigan said in a written statement.

"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."

Corrigan is replacing controversial CEO David Hahn, who announced in September he would step down at the end of the year.

Corrigan has spent the last nine years as chief operating officer and executive vice president of business development at BC Ferries.

Ready to take leadership

"We are extremely pleased that Mr. Corrigan will be taking over the helm of BC Ferries," said services board chair Donald Hayes.

"Mr. Corrigan’s past business experience, as well as his nine years I... at BC Ferries have prepared him well to take on the leadership of the company."

Hayes said Corrigan's total pay package will be about $563,000, or about 60 per cent of Hahn's $1 million package, in line with recent provincial government legislative requirement.

The corporation says it is also saving about $700,000 by phasing out its long-term bonus program.

"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," Hayes said.

In a further effort to reduce costs, the corporation is also eliminating the position of chief operating officer, which will save the company $600,000 per year.