Founder

SandRidge Energy Inc. founder Tom Ward, the company’s only chairman and CEO since it was formed in 2006, was ousted last week by the board of directors, which said its decision was “in the best interests of the company and its shareholders at this time.”

SandRidge Energy Inc. founder Tom Ward, the former chairman and CEO, was replaced Wednesday by the board of directors, which said its decision was “in the best interests of the company and its shareholders at this time.”

Robert Douglas Lawler, tapped to be CEO of Chesapeake Energy Corp. beginning June 17, will earn more than co-founder and predecessor Aubrey McClendon, according to a Securities and Exchange Commission (SEC) filing (see Daily GPI, May 21). The compensation package for the first year of employment has the potential to total at least $22 million, if Lawler hits his bonus targets, the SEC Form 8-K indicated. Base salary is set at $1.25 million a year, with a cash bonus of at least $800,000 the first year, a cash signing bonus of $2 million, and shares and options worth $18 million. About $7.5 million of the shares and options are to be paid over the next five years. If Lawler stays for five years, he is to receive another $5 million. About $12.5 million of the share awards are to compensate for losses in pensions and benefits for leaving Anadarko Petroleum Corp. By comparison, McClendon earned a base salary of $975,000 in 2012, with total remuneration of $16.9 million, according to company documents. However, McClendon also earns, and will continue to earn through June 2014, up to 2.5% in profits on wells that the company drills.

Chesapeake Energy Corp. founder Aubrey McClendon, who was forced to retire as CEO on April 1, has leased office space in Oklahoma City and lured two executives to what appears to be the start of at least one new company.

Chesapeake Energy Corp. founder Aubrey McClendon, who was forced to retire as CEO on April 1, has leased office space in Oklahoma City and lured two executives to what appears to be the start of at least one new company.

Chesapeake Energy Corp.’s co-founder and CEO Aubrey McClendon officially stepped out of the batter’s box Monday, but there’s no permanent replacement and no timetable on when a successor will be named, said acting CEO Steven Dixon. However, operations are running “smoothly,” despite some constraints in the Utica Shale.

Railroad Commission of Texas (RRC) Commissioner David Porter, founder of the state’s Eagle Ford Task Force, wants more excess natural gas to be used for power generation at drilling sites instead of being flared.

Railroad Commission of Texas (RRC) Commissioner David Porter, founder of the state’s Eagle Ford Task Force, wants more excess natural gas to be used for power generation at drilling sites instead of being flared.

Linda Lay, the widow of Enron Corp. founder Kenneth Lay, who died in 2006, has agreed to split two annuity accounts with Enron Creditors Recovery Corp. (ECRC) to settle all remaining litigation between Enron and the Lays. The Lays were sued by ECRC over allegedly fraudulent transfers that preceded Enron’s bankruptcy in late 2001. According to the lawsuit, Enron loaned Kenneth Lay money that he repaid with company stock; Enron also agreed to buy some of the Lays’ annuities for $10 million, which today are considered worthless. The settlement, which was completed through mediation, was “fair,” said ECRC, because Kenneth Lay’s estate is insolvent and Linda Lay has “extremely limited” assets. The settlement, which requires court approval, is to be heard July 7 before U.S. Bankruptcy Judge Arthur Gonzalez in New York City (The Official Committee of Unsecured Creditors of Enron Corp et al v. Lay et al, U.S. Bankruptcy Court, Southern District of New York, No. 03-ap-02075).