AUSTIN (Talk1370.com) -- The soon-to-be former CEO of the Electric Reliability Council of Texas won't seek or accept the severance pay he's entitled to under his contract agreement, a spokesperson for the grid operator said Thursday.
Bill Magness was terminated by ERCOT's Board of Directors of Wednesday. Because he was terminated without cause, his employment contract calls for a severance payment of one year of his current base salary, which is $813,525.93.
Magness will continue to serve as president and CEO for 60 days. A search for his replacement is underway.
ERCOT and the state's Public Utility Commission have both come under fire in recent weeks for the power outages that resulted from February's winter storm, which left millions of Texans in the dark for several days. A number of ERCOT board members and the chairwoman of the PUC have resigned their seats in the aftermath, with promises of reforms coming from officials across the state.
