The President and CEO of ENMAX has stepped down.

Gary Holden is leaving the company immediately.

"A number of recent events have become a significant distraction to the organization's ability to focus on those things that are critical to its success. As CEO I want to do what is now clearly in everyone's best interest and that is to leave so the organization can focus on business" says Holden.

Holden made Forbes' Magazine's top 10 list of CEO screw-ups of 2010, for his five-page email to ENMAX employees, defending his salary and criticizing the media for how it characterized extravagant parties at his home.

He was mocked for how he handled the backlash when the public learned his paycheque was over $2.5 million a year as head of the taxpayer-owned utility.

When the figure became public, he emailed all of ENMAX staff members saying he had been railroaded and warned people not to share any of this with the press.

This week, it was revealed two years ago, Holden travelled to Monaco at the expense of a private company ENMAX ended up doing business with.

He apparently never disclosed that to the board, which is a possible violation of the company's ethical policy.

That's when the mayor stepped in,

"I did speak with the chair of the board last night, suggested these allegatison were serious and the board should meet to discuss them," says Naheed Nenshi.

"We are saddened to see Gary leave. Together with his executive team he has built ENMAX into a formidable and innovative company," stated Cliff Fryers, Chairman of the Board of ENMAX.

The company will be announcing an interim CEO shortly and will immediately start the process to find a replacement.