Fired ERCOT leader refuses more than $800,000 severance pay in storm aftermath

[TexasTowelie]

by Erin Douglas, Texas Tribune


Bill Magness, the Electric Reliability Council of Texas CEO who was terminated by his board Wednesday, said he will not seek or accept severance pay, according to a spokesperson. He would have been owed more than $800,000, his contract shows.

The board for the nonprofit entity that operates and manages the electricity grid that covers much of Texas voted Wednesday in favor of his 60-day termination notice.

Magness was terminated without cause, a spokesperson said. According to the terms of his employment contract, his severance pay would have been equivalent to one year of his current base salary, which is more than $800,000.

Both ERCOT and the Public Utility Commission of Texas, the regulatory body that oversees it, have been lambasted in recent weeks for failures in preparing for and responding to the winter storm that left millions of people in the dark for days and claimed the lives of dozens of Texans.

Read more: https://www.texastribune.org/2021/03/04/Texas-ercot-leader-bill-magness-fired-severance-pay/

[PJMcK]

1. Yeah, that wouldn't look too good

People's homes were destroyed and lives ruined. $800K would look bad.

Of course, Magness will probably be getting some sweet stock options instead. They're not as obvious.

[Skittles]

2. he should have donated it to food banks

I think that would have been better

[Merlot]

3. Agreed, if he doesn't take it they keep t.

[Journeyman]

4. Yeah. Kudos to him for showing some integrity, but how much better it would have been . . .

to use the money to try to right the ills ERCOT caused.

[Skittles]

5. yup

this is why I have a problem with the I DON'T NEED THE STIMULUS crowd.....if you don't know anyone you could donate it to, you live in a BUBBLE