SD has paid its CEO $150 million since going public and in addition has provided him with 3% of each well drilled. The Board of Directors of SD is paid more per person than the members of Exxon's board.
SD has four private jets for an energy company that has 90% of its business with 90 minutes of corporate headquarters.
SD is pretty good at rewarding the CEO which is what the Board does as it closes its eyes and says "yes" to everything the CEO wants.
This has all happened while the share price has dropped 80% since the IPO.
So the shareholders are poorer each year while the CEO gets richer every year.
Even with a lousy year for shareholders, the CEO does not take a cut of any salary or perks.
SD looks like one of the poorest managed oil and gas companies and yet shareholders put up with the CEO and let him siphon off a benefit package that is as good as companies that employ CEOs that run companies 10-100 times larger.
Shareholders are suckers.
It is funny how shareholders cannot get their head around the fact that TW is an outright thief. Because he is a conservative, rich, respected businessman who built CHK from the ground up for decades. I believe he is no different than a common accountant who is caught embezzling company funds. The only difference is that he has accomplices (BoD) that try to make it all look legal. Anyone that would consider keeping him as an employee at Sandridge is a complete fool.
It seems like that trend will continue until 1 of 2 things happens.
1) CEO and board get shown the door or
2) CEO and board have a coming to Jesus moment and realize that they work for the shareholders and not the other way around.
From an outsiders view it appears that the current management are fat cats that have been surrounded by yes men and if nothing else this challenge should hopefully wake them up if not kick them out.
Shareholders are mad as hell and don't want to take it anymore!
I'm very curious at the silence of management during this whole episode.
Shouldn't they be saying something to refute the massive charges of inequity against them?
They either know that they have the votes or have drunk the kool aid for so long that they feel immune to any challenge to their so called expertise.
Either way as Sam Cooke sang..."A change is gonna come!"
I've always said that sd has the dumbest bagholders anywhere. Ward knows this to be true. After he wins the vote is when the real rape and plunder begins!!
LMAO The mullets should have listened to WI.
Your amazement is quite interesting.
It makes one wonder what it would take for a guy like you to start thinking about things like this.
When I bought my shares that I paid $10.20 for the promise was that the company was doing great things.
Instead what we get is a company what has a big fat siphon hooked up to it.