AUSTIN (Talk1370.com) -- Texas' electric grid operator will search for a new President and CEO, after ERCOT's Board of Directors voted 6-1 Wednesday night to exercise the 60-day termination notice in Bill Magness' contract.
Wednesday night's vote followed nearly three hours of discussion in a closed executive session.
According to a statement from ERCOT, Magness will continue to serve as President and CEO and work with state leaders and regulators on potential reforms, while the board begins an immediate search for his replacement.
Magness has served as president and CEO since January 2016.
The move is the latest in the aftermath of last month's winter storms that prompted lengthy power outages across the state. A number of members of ERCOT's board have already resigned, and state legislators are investigating ERCOT's efforts to prepare for the storm.