Well Mark Reid has now been the CEO of SDX Energy for 6 months and still hasn’t given even one investment media interview.
His 2018 CFO salary was US$333,700 but presumably his salary now will have increased to the same level as the previous CEO’s salary, which in 2018 was US$450,000.
A pay rise of US$116,300 or £90,000 a year!
Currently he has gone from being a fairly anonymous CFO to a fairly anonymous CEO.
Nice work if you can get it.
From the table above, Mark Reid’s pay rise on promotion is actually more than the salary of the next highest paid Director, Michael Doyle our Non-Executive Chairman
To anyone who thinks I am being harsh on our new CEO, if he had done a few investment media interviews following the announcement of the milestone announcement of South Disouq producing its first gas and the share price had remained unaffected by the news, I would not have criticised him.
In that scenario I would have said, he has tried to draw a line under the PW debacle, promote the company’s achievements and outline the prospects going forward.
If the CEO does everything he can and the market doesn’t respond, he can at least face his shareholders and say that he has tried.
Mark Reid cannot do that because he hasn’t made that effort
On the 1st August 2017 Mark Reid as CFO was awarded 555,555 shares in the company under the Long Term Incentive Plan
Under that scheme the announcement said
“It is important to note that stretching strategic, operational, financial and shareholder return performance criteria must be met for the options to vest. The Company recognizes the need to ensure that Executive Directors and key employees from its operational, commercial, technical and financial divisions, who are critical to executing SDX’s strategy over the next phase of its development, are retained and incentivized to generate long term value for shareholders.”
Thankfully no award was made in 2018 but watch out at the next AGM for any vote or mention of another award for Mark Reid’s achievements in 2019. The stretching shareholder performance criteria mentioned for the options does not apply to the basic award, which they receive come what may.
Why we would want to retain and incentivize someone who has had a £90,000 pay rise yet still doesn’t fulfil the full range of duties is beyond me.
I am pleased to see investors on other boards are also now asking the question
Where are the CEO media interviews?