AUSTIN, Texas (CBSDFW.COM) – ERCOT announced Thursday night, March 4, ousted CEO Bill Magness told board members he will not seek or accept a severance package.

He makes more than $800,000 a year.

Magness’ firing is fallout from the Texas power grid failure during winter storms and historically frigid temperatures two weeks ago.

On Wednesday, the Board of Directors for the Electric Reliability Council of Texas voted 6-1 to give the CEO 60 days notice per his contract.

The ERCOT Board of Directors released the following statement after that meeting:

­­­­­­­­­­­­“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.”

Magness joined ERCOT in 2010, and became ERCOT’s president and chief executive officer in January 2016, according to ERCOT’s web page.

Before becoming CEO, Magness served as ERCOT’s general counsel.An executive search firm will be hired to find a replacement.

Public Utilities Commission of Texas Chair DeAnn Walker resigned on Monday, March 1.

Both Walker and Magness were sharply criticized by state lawmakers during recent hearings on the wide-spread power outage debacle.

CBSDFW.com Staff