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ERCOT Board of Directors moves to terminate president and CEO Bill Magness

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Posted at 8:46 PM, Mar 03, 2021
and last updated 2021-03-04 00:01:45-05

The ERCOT Board of Directors has moved to terminate ERCOT President and CEO Bill Magness.

On Wednesday evening, the board directed the corporate secretary to exercise the 60 days' termination notice to Magness.

In a statement, ERCOT said Magness will continue to serve as president and CEO during the transition period.

The group is "expected to begin an immediate search" for someone to fill the president and CEO role.

ERCOT and its leadership have been under fire since a majority of the state was left in the dark during the 2021 winter storm.

Six ERCOT board members resigned last week due to the incident. In her final meeting, the director of the board acknowledged the “pain and suffering” that millions of Texans experienced during prolonged power outages, according to the Texas Tribune.

Full statement:

“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.”