SandRidge Energy Inc. Chairman and CEO Tom Ward unloaded more than 3.6 million shares in the days following a settlement last week with dissident shareholder TPG-Axon Capital, according to a regulatory filing Tuesday.
The sale, valued at more than $20.83 million, is Ward's largest in the last year, according to a review of his SandRidge stock transactions.
Ward still owns 23.47 million shares of SandRidge stock, according to a Tuesday filing with the Securities and Exchange Commission. That gives him almost a 5 percent stake in the Oklahoma City-based energy company.
Ward sold more than 2.8 million SandRidge shares on Friday, with an average price of almost $5.70 per share. He sold an additional 832,000 shares on Monday at an average price of $5.63 per share, according the regulatory filing.
SandRidge and New York-based hedge fund TPG-Axon reached a settlement last week that expands the company's board to 11 directors, with four new directors picked by TPG-Axon. As part of the settlement, SandRidge President Matthew K. Grubb stepped down Friday and was replaced by interim President James D. Bennett, who is also the company's chief financial officer.
The new board is reviewing transactions between Ward family trusts and SandRidge and will determine whether to retain Ward as CEO by June. If Ward stays, the board would be reduced to nine members, with five directors picked by TPG-Axon.
SandRidge shares closed at $5.38 on Tuesday, down 20 cents, on the New York Stock Exchange.