Former President and CEO of the Electric Reliability Council of Texas (ERCOT) Bill Magness turned down his hefty severance package on Thursday after being fired from the agency that is still pending last month catastrophic winter Storms that left millions without electricity.
An ERCOT spokesman told Fox News that Bill Magness has said he will not “seek or accept” a severance package – a safety net worth more than $ 800,000, the equivalent of one year of his base salary according to the employment contract.
Magness was removed from his post after a nightly meeting with the ERCOT Board of Directors on Wednesday.
The move to oust the executive from the agency, which is supposed to provide much of the state’s electricity, is the most recent fallout after last month’s winter storm.
Texas Public Utility Commission chair DeAnn Walker bowed to mounting pressure and resigned Monday after Texas Governor Dan Patrick urged her and Magness to resign News channel Fox 61.
“Both the PUC chairman and the ERCOT CEO said they were prepared with full force the day before the storm, but apparently not,” Patrick said in a statement on Monday.
Seven ERCOT board members also resigned at Texas state legislature hearings, investigating why the imminent collapse of the state’s power grid forced millions of Texans to endure freezing temperatures with the loss of power.
Prior to his fall, Magness sent a list of priority projects to ERCOT’s Technical Advisory Committee, outlining the improvements the agency can make to ensure the state does not experience another massive blackout.
Magness will remain in his role for an additional 60 days during the transition period in which he finds his replacement.