Seeking Alpha

SandRidge Energy (SD) will focus on drilling its most promising oil and gas properties while...

SandRidge Energy (SD) will focus on drilling its most promising oil and gas properties while running a tight fiscal ship, newly appointed CEO James Bennett says, but his ascension doesn't mean SD is up for sale or that major parts of the portfolio will be sold. Bennett says he'll be different than predecessor Tom Ward: "My background is more financial in nature. I tend to be focused on returns and cost and allocation of capital."
From other sites
Comments (13)
  • jeavant
    , contributor
    Comments (29) | Send Message
     
    I HOPE HE IS NOT LIKE TOM WARD OR THE STOCKHOLDERS WILL HAVE NOTHING LEFT AND EVERYTHING WOULD BE IN TOM'S BANK ACCOUNT.
    JACK
    20 Jun 2013, 05:22 PM Reply Like
  • pluchel
    , contributor
    Comments (8) | Send Message
     
    It is hard to beleive that after losing 85% of company stock value that we are now giving Tom Ward 90 million. When is this give away of stockholders money going to stop?
    20 Jun 2013, 06:26 PM Reply Like
  • blackberryman
    , contributor
    Comments (528) | Send Message
     
    Ditto. This new CEO and BOD already have two strikes in my book by the handling of Ward's departure. I would have hoped that they would at least fire him, if not investigate possible criminal prosecution or a civil suit against him. What a bunch of cowards and hypocrites. Do the shareholders a favor and sell the company!
    20 Jun 2013, 06:35 PM Reply Like
  • wrscomncents
    , contributor
    Comments (661) | Send Message
     
    You have to wonder if the BOD could convict him without indicting themselves. After all they let him get away with it.
    20 Jun 2013, 11:24 PM Reply Like
  • pluchel
    , contributor
    Comments (8) | Send Message
     
    Blackberryman, You are spot on.
    20 Jun 2013, 06:38 PM Reply Like
  • mako26
    , contributor
    Comments (244) | Send Message
     
    Do and say what you want. Calm down. Ive been patient and bought a s%^t ton of this stock all the way down to avg 5.10 a share. Ive been paying attention and money to cash in after this finally happened .and it has.Now time to hold for awhile let this ceo straighten things up a bit for better reports or an A&M move..then get paid......Three things u need to invest conviction,courage and cash.
    20 Jun 2013, 07:56 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8607) | Send Message
     
    ...and it only cost shareholders $90 million!
    20 Jun 2013, 10:15 PM Reply Like
  • mako26
    , contributor
    Comments (244) | Send Message
     
    90 million is worth it to bring value to this stock
    21 Jun 2013, 01:36 AM Reply Like
  • Louis IV
    , contributor
    Comments (2) | Send Message
     
    With the same board of directors what makes you think the new CEO won't walk away in a couple of years with another 90 million?
    24 Jun 2013, 12:06 AM Reply Like
  • wrscomncents
    , contributor
    Comments (661) | Send Message
     
    It's going to be more then 90 million. The entire package is below.

     

    He will receive the severance package provided for under the terms of his employment agreement, which consists of: the vesting of 6,331,475 shares of previously granted restricted stock; a lump sum cash payment of $53.5 million, comprised of three times the average of his last three annual bonuses, his accrued vacation, and the value of the restricted stock that Ward would have received over the next three years if his employment with the company had continued; and his current base salary to be paid for a period of 36 months.
    24 Jun 2013, 01:45 PM Reply Like
  • blackberryman
    , contributor
    Comments (528) | Send Message
     
    Thanks for the additional info.

     

    All I can say is that it is an outrageous reward for mis-behavior.
    25 Jun 2013, 08:15 AM Reply Like
  • wrscomncents
    , contributor
    Comments (661) | Send Message
     
    Here's an article on SD that explains a lot of what Ward did and got away with. Over all positive article on SD's future. How Ward walked away without cause I will never understand.

     

    http://bit.ly/19p5mMs
    25 Jun 2013, 10:51 AM Reply Like
  • blackberryman
    , contributor
    Comments (528) | Send Message
     
    Thanks for the link to the article. It didn't have much new info about past mis-deeds, but it did confirm that SD may be most valuable if sold...probably $9-$12 per share. That sounds good to me.
    25 Jun 2013, 12:10 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector