60-day termination notice issued for ERCOT president and CEO

Texas

AUSTIN (KXAN) — A 60-day termination notice was issued for Electric Reliability Council of Texas President and CEO Bill Magness, according to a statement from its board of directors Wednesday night.

The ERCOT board of directors said it approved the notice after a meeting Wednesday evening. On Thursday, ERCOT spokesperson Leslie Sopko said she did not have details on his severance and is working to find out if this information can be released.

ERCOT, which manages the state power grid, has come under fire following the massive power outages during the deadly February winter storms that swept through Texas. Millions of people were left in the dark and cold for days after power generators failed in the subfreezing temperatures.

Several ERCOT members have already resigned, and the Texas House and Senate have launched hearings into ERCOT’s preparations or lack thereof before the winter storms.

The board statement goes on to say Magness will continue to serve in his current role during the transition period, to help state leaders implement potential reforms to ERCOT.

Additionally, the board said it will begin an immediate search for a person to replace Magness. More discussion on the transition plan is expected at future meetings.

You can read the full statement from the board below.

“The ERCOT Board of Directors met this evening and directed the Corporate Secretary to exercise the 60 days’ termination notice to ERCOT President and CEO Bill Magness pursuant to the employment agreement with ERCOT. During this transition period, Bill will continue to serve as President and CEO and work with state leaders and regulators on potential reforms to ERCOT. The ERCOT Board is expected to begin an immediate search for a new President and CEO, and will continue to discuss the transition plan at future meetings during this time period.”

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