ERCOT president fired without cause, eligible for $813K severance payment

CW39

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

DOWNLOAD THE NEW CW39 APP

Houston Happens - Maggie Flecknoe and Star Harvey 04102021

Weekend road construction around the Galleria

Kung Fu

Adam Krueger does traffic after bet with Hannah Trippett

Maggie and Star tear up LeDuc Chocolates

Food Truck Friday with Sauce Is The Boss

Food Truck Friday with Sauce Is The Boss

Houston Black Restaurant Week: Chicken Headz

CW39 Houston’s Maggie Flecknoe and Star Harvey dance with the Astros Shooting Stars

Stepping up to the plate at Marucci Elite Texas

Dr. Katie Eick #1

Dr. Katie Eick #2

LOL Maggie and Star - Leduc Chocolates - Houston Happens 04102021

Star Harvey with Andrew Shipley CW39 9-10am

Star Harvey with Leigh Spann CW39 8-9am

PROMO CODE FOR ACADEMY WEATHER RADIO AT CW39.com/radio

Adam 848

Star Harvey with Scot Pilie CW39 8-9am

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.

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, the current investigation into ERCOT’s response to the winter storm and about his severance package. 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.

FEATURED STORIES

More Featured

Popular

Don't Miss