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Read more about Want to make it big in oil industry? Try getting fired by this company on Business Standard. The CEO of SandRidge Energy was recently dismissed with a severance package worth at least $14 million

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want to make it big in oil industry try getting

Want to make it big in oil industry? Try getting

fired by this company

Want to make it big in the oil industry? Try getting fired by SandRidge Energy Inc.

James D Bennett, the CEO dismissed last week, left the company with a severance

package worth at least $14 million, according to the explorer’s proxy filing in April

and data on stock awards compiled by Bloomberg.

That follows a $90 million severance given to Bennett’s predecessor, founder Tom

Ward, who was pushed out amid investor unrest in 2013. In between, the oil and

gas explorer entered bankruptcy, wiping out the value of its shares. The stock has

lost 27 percent since emerging from bankruptcy in October 2016.

Bennett’s eligible for the payout because his departure was deemed without

cause and followed a corporate “change of control," a nod to SandRidge emerging

from bankruptcy protection, according to a Feb 9 company filing.

the business under fire from carl icahn and other

The business, under fire from Carl Icahn and other top investors, announced on

Feb 8 that Bennett was leaving.

Bennett also received $22.8 million in salary, bonuses and vested shares from his

hiring in June 2013 through 2016, the most recent figures available, according to

Bloomberg data. He’d become a lightning rod for criticism in recent weeks from

Icahn. The billionaire investor blasted the company’s management and helped

scuttle a plan to acquire Bonanza Creek Energy Inc earlier this year.

Icahn was the company’s biggest shareholder as of the end of last year, increasing

his stake to 14 percent of the company, the activist reported in a regulatory filing

Wednesday.

SandRidge didn’t immediately return messages seeking comment. In a statement

last week, board Chairman John Genova thanked Bennett for his efforts.

“James Bennett guided the company through a challenging period of financial

distress," Genova said. “However, as the company moves forward in a new

strategic direction, the board has determined that the time has come to transition

to new leadership."

Article By - Business Standard