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SandRidge (SD) CEO Tom Ward is not the first energy boss to live large at shareholders’...

SandRidge (SD) CEO Tom Ward is not the first energy boss to live large at shareholders’ expense (see Aubrey McClendon), but his extravagance would make J.R. Ewing blush and angry owners are right to want him out, Chris Swann writes. Ward has drawn $150M in payments since SD’s 2007 IPO; annual G&A expenses approach 8% of SD's market cap, and only Chesapeake comes close at 5%.
Comments (12)
  • Does this come as a shocker to anyone??? Like CHK like SD.......The ones paying are the shareholders that have to shut up and take the 2 % annual dividend. A sad state of affairs behind the doors of corporate board meetings.
    4 Dec 2012, 12:16 PM Reply Like
  • It looks like birds of a feather flock together (Aubrey and Tom) Two college friends at the Univ. of OK who have become filthy rich from building an energy empire....yet still refuse to spend their own money on personal expenses. The $70M sale of ng wells back to SD just before the price collapse of ng. is also a rip off of shareholders. I was once singing the praises of Tom Ward....until I found out how he is spending my money on his trips via SD jets to the Bahamas and to his vacation home in Scottsdale, AZ. The list just keeps getting longer. Time to get the handcuffs and make room next to Bernie Madoff.
    4 Dec 2012, 12:31 PM Reply Like
  • For real he should be held accountable.
    4 Dec 2012, 01:31 PM Reply Like
  • Two peas in a pod, no surprise here. Other then AAPL, most public companies are just piggy banks for the management. Sorry, we do get our annual .75 cent dividend as the insiders loot the company.
    4 Dec 2012, 02:13 PM Reply Like
  • And to think I stupidly held on to Arena Resources (ARD) which was debt free and making huge profits for a small independent when it was announced SD was going to buy out ARD. This is the proverbial last straw!! I'm outta here at a huge loss!
    4 Dec 2012, 02:21 PM Reply Like
  • And to think I stupidly held on to Arena Resources (ARD), a small independent out of Tulsa that was free of debt and very profitable, when it was announced SD would buy ARD back in 2007. "A bird in hand . . . .Ditto on the handcuffs!
    4 Dec 2012, 02:24 PM Reply Like
  • Where are we on the investigation going on by te Morgan law firm?
    4 Dec 2012, 02:30 PM Reply Like
  • Is the IRS aware that he uses corporate jets for personal use?
    4 Dec 2012, 02:59 PM Reply Like
  • The only option is to replace the board of directors. Wards arrogant response when I dared to ask how his compensation could be justified on the quarterly call last spring was....." I could make more money elsewhere and I am worth every penny" Same thing at the investor conference in Denver. Get a new board .....soon.
    4 Dec 2012, 03:19 PM Reply Like
  • jonjung...I remember you asking that question at the cc. He said the board feels he is worth the salary (paraphrasing).....he did not mention that the BOD was a group of people he hand picked and is paying off with $385K per yr and perks beyond belief. Throw the entire BOD in prison too. This is a blatant rip off of shareholders.
    4 Dec 2012, 05:11 PM Reply Like
  • Ever wonder why these guys continue to operate like they do? Been doing it since the 1930's, nothing has changed in this industry. However, many times they get what they deserve sooner or later, unfortunately, after huge losses from investors. Fired my broker over SD after he was fully aware of my intolerance for thug management. My fault, I should have verified myself. Made money though but that wasn't the point. Quit investing and they will not thrive.
    4 Dec 2012, 10:00 PM Reply Like
  • `And so what can share holders do under the current laws and regulations?
    5 Dec 2012, 08:01 PM Reply Like
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