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Former SandRidge Energy (SD) CEO Tom Ward sold nearly 10M shares in the company after he was...

Former SandRidge Energy (SD) CEO Tom Ward sold nearly 10M shares in the company after he was fired last month, bringing in ~$47M in proceeds. The sales cut Ward's position in SD, which he founded, by more than 40% to 2.7% of its outstanding shares. Upon his firing, Ward received a severance package worth more than $90M in cash and stock.
Comments (30)
  • seekingvalpha
    , contributor
    Comments (32) | Send Message
     
    I think Tom and Aubrey are better at finding the hydrocarbon,than managing it's exploitation.If they team up again they should just Wildcat.
    If that is ever the case I'm in!!!
    They now have more money,maps and sports teams than they can say grace over,

     

    Pj Phillips
    San Antonio,Texas
    22 Jul 2013, 06:37 PM Reply Like
  • TFCAB
    , contributor
    Comments (1942) | Send Message
     
    In addition to exploiting hydrocarbons, they were very good at exploiting shareholders; from here on out they can keep each other company courtside at THunder games
    22 Jul 2013, 07:12 PM Reply Like
  • seekingvalpha
    , contributor
    Comments (32) | Send Message
     
    In SD's new circumstance is it a buy?
    Stubbornly I still have 600 shares as a testament to my foolish addiction to Southern oil and gas...
    22 Jul 2013, 10:51 PM Reply Like
  • The_Hammer
    , contributor
    Comments (3806) | Send Message
     
    a loaf of stale bread is all this guy deserved
    22 Jul 2013, 07:06 PM Reply Like
  • Abu Bakr Hussain
    , contributor
    Comments (595) | Send Message
     
    $90m upon getting fired - now that is a sweet deal
    22 Jul 2013, 07:16 PM Reply Like
  • longhorn.ital
    , contributor
    Comments (7) | Send Message
     
    I wonder if he could spare some of that 90mil to make up for when I bought SD @20 back in 08?
    22 Jul 2013, 07:22 PM Reply Like
  • P. Dennis
    , contributor
    Comments (371) | Send Message
     
    Is the severance package something the SEC should look at?
    22 Jul 2013, 07:30 PM Reply Like
  • inkyx
    , contributor
    Comments (321) | Send Message
     
    So that may explain the pressure on the stock price.
    22 Jul 2013, 07:32 PM Reply Like
  • mikeg999
    , contributor
    Comments (68) | Send Message
     
    And we wonder why the public thinks the market is rigged to favor insiders. Another example of absentee corporate governance.
    22 Jul 2013, 07:47 PM Reply Like
  • Richard Waldren
    , contributor
    Comments (221) | Send Message
     
    Bread would have been too much.
    22 Jul 2013, 08:22 PM Reply Like
  • Clayton Rulli
    , contributor
    Comments (2465) | Send Message
     
    Don't let the door hit you on the way out.
    22 Jul 2013, 08:34 PM Reply Like
  • wrscomncents
    , contributor
    Comments (643) | Send Message
     
    Good for him, if he sold last month he sold at close to the lows. Good riddance.
    22 Jul 2013, 08:49 PM Reply Like
  • IDK Much
    , contributor
    Comments (21) | Send Message
     
    All the more reason to buy sd
    22 Jul 2013, 08:55 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8137) | Send Message
     
    What kind of board would allow this to happen?
    22 Jul 2013, 08:59 PM Reply Like
  • User 7140591
    , contributor
    Comments (15) | Send Message
     
    A Board that understands in the grand scheme of things, its just better to pay them off, get them out and reorganize the company so the assets can be realized. Its just business, folks. Who cares what he makes on the way out. On one hand, the other writer is correct - Tom Ward is very very good at discovering assets and he did found the company. On the other hand, he and his handpicked board were beginning to loot the shareholder value. I'm a long term SD shareholder and think this new management is going to position SD for a sale within 2-3 years.
    23 Jul 2013, 10:19 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (8137) | Send Message
     
    I'd say shareholders DO care. Ward and his cronies have pulled nearly 10% of the market cap out of the company and stuffed the cash into their pockets.

     

    Imagine the outcry if Tim Cook or Ballmer or Bezos did that.

     

    Just business?
    23 Jul 2013, 01:09 PM Reply Like
  • wrscomncents
    , contributor
    Comments (643) | Send Message
     
    It's bad enough what he made on the way out, its worse that on top of that he will continue to draw his salary for the next three years.
    23 Jul 2013, 10:46 PM Reply Like
  • J Collins
    , contributor
    Comments (178) | Send Message
     
    Tom Ward and Aubrey McClendon, are synonymous with corporate malfeasance and are representatives of an unfortunate culture where the top executives of some companies are allowed to poach with impunity for years on the hapless shareholders. And to add insult to the injury of the shareholders, these guys get a golden parachute!
    22 Jul 2013, 08:59 PM Reply Like
  • wrscomncents
    , contributor
    Comments (643) | Send Message
     
    The package Tom Ward received borders on criminal but how many times have we seen this happen? The good part is he is gone and the board now has new members who hopefully will right the ship. If oil and natural gas stay where they are or continue to rise the share price will rise also. You can bet the large shareholders have a sharp eye on the new management.
    22 Jul 2013, 09:05 PM Reply Like
  • MikieTrader
    , contributor
    Comments (17) | Send Message
     
    For some their greed knows no bounds. Shareholders have suffered greatly. I hope Mr. Ward repents and finds charitable causes for all the $ he has accumulated. He cannot take it with him.
    22 Jul 2013, 09:08 PM Reply Like
  • Mathodman
    , contributor
    Comments (60) | Send Message
     
    Good riddance.
    22 Jul 2013, 09:11 PM Reply Like
  • WPSPIKER
    , contributor
    Comments (1141) | Send Message
     
    I share the thoughts of most of the posters here, that both T Ward and A Mc. from (CHK) were awarded golden para-shoots when they should have been given a blindfold a last cig, and stood against a wall & given full auto shots for their crimes against the shareholders of these two companies.!

     

    Time for the SEC to start inditing some of these corp. criminals.

     

    M
    22 Jul 2013, 10:18 PM Reply Like
  • Zeus2012
    , contributor
    Comments (695) | Send Message
     
    Water under the bridge. What's important is how the board / management is going to get the stock price back above $6 again.
    22 Jul 2013, 11:04 PM Reply Like
  • Bob Curtin
    , contributor
    Comments (67) | Send Message
     
    I'd love to see Ward sell the rest of his shares now as he does not deserve to benefit from the gains that will surely come now that his personal interest is not the primary focus of the CEO and BOD.
    23 Jul 2013, 08:07 AM Reply Like
  • papayamon
    , contributor
    Comments (1058) | Send Message
     
    a real victory for the legal system that you can pay lawyers enough money to out and out steal from investors and get away with it. the only tool that can enforce any sort of corporate governance is the media... what with the legal system and the sec both slaves to this sort to thievery.

     

    message: it's ok to steal shareholder money if you pay the lawyers a nice cut of it!
    23 Jul 2013, 09:10 AM Reply Like
  • WPSPIKER
    , contributor
    Comments (1141) | Send Message
     
    Very well said! Just have to remember to add in "Political Contributions" so they leave laws written by lawyers and Politicians vague enough so they can't be enforced should some wayward prosecutor tries to enforce them...
    23 Jul 2013, 09:25 AM Reply Like
  • Lexy1
    , contributor
    Comments (12) | Send Message
     
    The 2 of them deserve each other, a thief is a thief, is a criminal,
    regardless of how good they were, its the end result that says
    what they are. They will answer for their crimes, eventually.
    23 Jul 2013, 01:22 PM Reply Like
  • Clayton Rulli
    , contributor
    Comments (2465) | Send Message
     
    I feel for him in a way since he founded the company, but these guys must understand once you take a company public shareholders come before you. If you don't believe in that philosophy then keep it private
    23 Jul 2013, 01:26 PM Reply Like
  • pigeonguy
    , contributor
    Comments (100) | Send Message
     
    The escape clauses in these contract are unbelievable and a disservice to shareholders. These golden parachutes should be capped to 3 months salary. Most CEO's are part of the chummy relationship they have with the Board of Directors.
    25 Jul 2013, 04:11 PM Reply Like
  • seekingvalpha
    , contributor
    Comments (32) | Send Message
     
    I just want to see the quantity of hydrocarbons Ward &Co. found !!!
    25 Jul 2013, 09:12 PM Reply Like
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