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Tom Ward sells SandRidge stock

Tom Ward has sold about 10 million shares of SandRidge Energy Inc. stock since losing his position as CEO last month.
BY JAY F. MARKS jmarks@opubco.com Published: July 23, 2013
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Former SandRidge Energy Inc. CEO Tom Ward sold nearly $50 million in company stock after his ouster last month, according to a regulatory document filed Monday.

Ward was replaced as SandRidge's chief executive June 19 after a proxy fight with one of the company's largest shareholders.

Ward received more than $90 million in cash and SandRidge stock when he was terminated “without cause.”

Ward sold nearly 3 million shares of stock June 27, netting more than $14.3 million at $4.77 a share, according to Monday's filing.

He sold another 7 million shares July 12, the filing states. That brought Ward another $33.1 million at $4.73 a share.

Ward founded SandRidge in 2006 after acquiring a controlling interest in Riata Energy and moving the company to Oklahoma City from Amarillo, Texas.

He still owns about 13.5 million shares of SandRidge stock. That is about 2.7 percent of the company's outstanding stock.

Ward's stake in SandRidge is worth about $75.6 million, based on Monday's closing price of $5.58 a share.

SandRidge's stock was down 8 cents Monday, but it has gained 50 cents a share since the company's board appointed James Bennett as CEO last month.

Bennett had been executive vice president and chief financial officer since January 2011.