DEVELOPING: Texas power grid CEO is fired following widespread outages during winter storms
Texas power grid CEO is fired following widespread outages during winter storms
(CNN) — Following widespread power outages during a series of winter storms that left many Texas residents in the dark for days, the head of the organization overseeing the state’s power grid has been fired.
Bill Magness, president and CEO of Electric Reliability Council of Texas (ERCOT), was terminated from his contract by the organization’s board of directors after an emergency meeting Wednesday night.
In a statement sent to CNN, ERCOT says the board “directed the Corporate Secretary to exercise the 60 days’ termination notice” to Magness pursuant to the employee agreement. He will continue to serve as president and CEO during this transition period, the statement said.
Five board members had earlier resigned after the storms.
ERCOT expects to start an immediate search for a new president and CEO, the statement said. The next ERCOT board meeting is currently scheduled for April 13.
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