(AP Photo/Eric Gay)AUSTIN, Texas – 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.
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.
She had come under sharp criticism from lawmakers after largely blaming Texas’ power outages on ERCOT.
Magness, who endured more than five hours of questioning by state senators on Thursday, was criticized for the organization’s winter storm preparations.
Magness worked at ERCOT for more than a decade and became its CEO and president in 2016 after working as its general counsel.