Ward was gone from that moment that deal was struck. According to SandRidge’s announcement last night, Ward’s departure was effected “without cause.” An independent investigation in charges of improper related-party transactions found no reason to terminate Ward “for cause.”
Ward, who was also a co-founder with Aubrey McClendon of Chesapeake Energy Corp. (NYSE: CHK), had been accused of sending business to outside companies in which he had a personal interest.
There is no need to weep for Ward though. He will receive a severance package that includes vesting of 6.33 million shares of restricted stock, a cash payment of $53.5 million and his current base salary for another three years. That works out to a handsome total of around $90 million.
SandRidge stock is up 1.4% this morning, at $5.15 in a 52-week range of $4.52 to $7.80.
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