Ousted

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. Tom Ward, who founded the company in 2006 and has been its only chairman and CEO, was ousted by the board on Wednesday and replaced by current President James Bennett.

The former chief of the New York Department of Environmental Conservation (DEC), who was ousted in October by Gov. David Paterson, has joined an environmental conservation group that has questioned the state’s ability to regulate shale gas extraction.

Robert Dudley, who took the helm at BP plc late last week, on Wednesday ousted the long-time exploration and production (E&P) chief and launched a global safety division as part of a sweeping restructuring of the company’s safety and risk management practices.

Robert Dudley, who takes the helm at BP plc later this week, on Wednesday ousted the long-time exploration and production (E&P) chief and launched a global safety division as part of a sweeping restructuring of the company’s safety and risk management practices.

Under the threat of being ousted through a proxy battle started by one of largest shareholders, El Paso Corp.’s board of directors announced late Wednesday that it has appointed Ronald L. Kuehn, Jr. to serve as interim CEO and chairman of the board, replacing William A. Wise, effective immediately.

In an unexpected twist, the SEC on Friday asked the U.S. Bankruptcy Court for the Southern District of New York to reject Enron Corp.’s hiring of Stephen F. Cooper as CEO, calling the terms of his million dollar contract and bonus guarantee inappropriate. Enron wants court approval to hire the bankruptcy specialist as an independent contractor as interim CEO and chief restructuring officer with an annual salary of $1.32 million a year and a bonus of at least $5 million once the restructuring is completed.

Enron Corp.’s bloodletting continued Wednesday, as the stock price took another hit in extremely heavy volume, with close to 50 million shares trading hands. The stock finally closed at $16.54, down another $3.25, or 16.42%, from the previous day, after rocking back and forth as one of the biggest losers in early trading on the New York Stock Exchange. It reached a depth of $15.51 before climbing again. Pouring salt on the wound, several Wall Street analysts also cut their ratings Wednesday, including Prudential Securities, which advised its clients to sell.

Greg Noval, who founded and ran Canadian 88 Energy Corp. for 14 years only to be ousted last year when Duke Energy Corp. bought a 20% stake in the company, now faces not only being kicked off the board of directors but also a C$150 million lawsuit filed against him by Canadian 88, which alleges Noval breached his fiduciary duties as a director for attempting a hostile takeover. The lawsuit seeks C$140 million in damages for Noval’s breach of fiduciary duty and C$10 million in general damages.