ERCOT CEO will be removed from his position in 60 days, board of directors says

(AP Photo/Eric Gay)ERCOT CEO and president Bill Magness will be removed from his position in 60 days, according to an announcement by the ERCOT Board of Directors on Wednesday. According to a statement by the ERCOT Board of Directors­­­­­­­­, members met and directed the corporate secretary to “exercise the 60 days termination notice to ERCOT President and CEO Bill Magness pursuant to the employment agreement with ERCOT.”The board said Magness will continue to serve as president and CEO of ERCOT during the 60-day period and work with state leaders and regulators on potential reforms to ERCOT. “The ERCOT Board is expected to begin an immediate search for a new President and CEO, and will continue to discuss the transition plan at future meetings during this time period,” the board said in a statement to KSAT. In late February, following the winter storm that left millions across the state without power, six ERCOT board members resigned, including the director who acknowledged the “pain and suffering” that Texans experienced during the statewide power outages. Read also:Resigning ERCOT board members acknowledge “pain and suffering” from extreme power grid strain that caused outages for millions of TexansPolitical contributions link ERCOT board to Abbott and the state committee now investigating the troubled entityGriddy customers moved to other electricity providers after ERCOT boots it from Texas market