Former President and CEO of the Texas Electric Reliability Council (ERCOT), Bill Magness, turned down his heavy compensation package on Thursday after being fired from the agency that was still recovering from last month’s catastrophic winter storms that left millions no energy.
An ERCOT spokesman told Fox News that Bill Magness said he would not “seek or accept” any compensation package – a safety net equivalent to more than $ 800,000, which is one year of his base salary, according to your employment contract.
Magness was removed from his post after an evening meeting with the ERCOT Board of Directors on Wednesday.
The decision to oust the agency’s executive, who is charged with providing much of the state’s electricity, is the latest rainfall after last month’s winter storm.
MORTAL WINTER TEMPERATURE IN TEXAS LEAVES MILLIONS WITHOUT ENERGY IN COLD TEMPERATURES
Texas Public Service Commission Chairman DeAnn Walker gave in to growing pressure and resigned on Monday after Texas Governor Dan Patrick asked her and Magness to leave, local media Fox reported. 61.
“Both the president of PUC and the CEO of ERCOT said they were prepared the day before the storm came in full force, but they obviously were not,” Patrick said in a statement on Monday.
Seven of ERCOT’s board members also resigned amid hearings from Texas state legislators, investigating why the near-collapse of the state’s power grid forced millions of Texans to withstand freezing temperatures with the loss of their power supply.
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Prior to his dismissal, Magness sent a list of priority projects to the ERCOT Technical Advisory Committee, highlighting the improvements the agency can make to ensure that the state does not suffer another massive electrical failure.
Magness will continue to serve in his role for another 60 days during the transition period to find his replacement.