Former ERCOT CEO says he’ll refuse $813K golden parachute after firing

Texas

ERCOT CEO Bill Magness speaks to KXAN Live’s Will Dupree during an interview on Feb. 16, 2021.

AUSTIN (KXAN) — The former president and CEO of the embattled Electric Reliability Council of Texas was fired without cause, KXAN has learned.

Bill Magness is eligible to receive a severance package in excess of $800,000, according to his employment contract with ERCOT, however, a spokesperson for ERCOT informed KXAN he will not be accepting it.

Employment contracts are confidential, but ERCOT says Magness agreed to release his full contract to the public. It reads in part:

“If Executive is terminated without Cause during the Employment Term, Executive shall be entitled to payment of severance compensation equal to one full year of Executive’s then-current Base Annual Salary.”

Magness’ base salary was $813,525.93.

ERCOT’s board of directors approved a 60-day termination notice for Magness Wednesday. A search for his replacement has already started, according to the board.

KXAN has reached out to Magness for comment about his firing and the current investigation into ERCOT’s response to the winter storm. We will update this story when and if we get a response.

ERCOT will also hold a special meeting Friday at 1 p.m. to review its response to the deadly winter storms that left millions of Texans without power for days. KXAN will livestream the meeting on KXAN.com and the KXAN Facebook page.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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