Bill Magness is a prominent person in the energy industry. He is a former executive of ERCOT, a utility company in Texas. He has held several executive management positions, including general counsel. He received an annual salary of $800K. He has nine job titles on his LinkedIn profile.
The Electric Reliability Council of Texas (ERCOT) board gave Bill Magness a 60-day notice before terminating him. The board did not mention the cause of the termination, so it’s difficult to know whether or not the decision was Magness’s fault. However, the board did provide him with severance pay equivalent to one year’s base salary.
The CEO of ERCOT has recently been fired after failing to supply power during the severe cold. More than 4 million customers were left without power, and some of them died. In the wake of this disaster, the board of directors met for three hours and decided to fire Magness. A Democratic state senator said this was unfair, and that Magness’ replacement should be chosen carefully.
ERCOT has been in Magness’s role as CEO since 2016. He has been a general counsel before becoming the CEO of ERCOT. ERCOT is the electric grid operator in Texas, and is governed by the Texas government. ERCOT’s deregulated market serves 75% of the state, and the company’s CEO is responsible for running it.
In addition to his work at ERCOT, Bill Magness is a married man. He is married and has two children. His net worth is estimated to be in the low hundreds of millions. Bill Magness has also made a name for himself in the energy industry. His net worth is growing and his income is steadily increasing.