Yep, he has lost some performance shares, which I think is great (and appropriate). I have seen a number of directors 'earn' performance shares despite the evident lack of performance. I am happy to see management losing performance shares if they haven't met the indicators that defined the performance reward. Regarding SB's performance, you are very quick to judge. I think he is performing just fine...the company is ticking a number of goals off, perhaps a little slower than expected, but in my experience, that is life. If everything in your life goes to plan, than you have a more predictable one than mine.
I liken the task that CXO is currently undertaking to building a house. The land looks as it looks, you hope to put a slab down, but you never know how much it will cost because of the need to excavate. As soon as you start to excavate, you never know if you will find rock or not, and if you do, the costs of development go up. Now take CXOs tenements, the average residential block is 500-1000 square meters, CXOs tenements are 1000s of square kilometres, with no guarantee of what will be found. Despite this, they have managed to find some decent spod without any guarantee that it would be there. So things haven't exactly gone to plan, but they are pretty damn close when you factor in a realistic margin for error.
I would encourage you to not be so quick to write them off - at least until they have obviously made a significant mistake......the share price is crap because markets are extremely short sighted. Everyone at the moment wants instant returns, perhaps it is as a result of the instantaneous nature of our society and our immediate access to information, or perhaps we have forgotten what it is like to truly work hard for something? Not sure, but CXO has a bright future in my mind. I have backed this conviction with my time and my money, and I think that I, and all shareholders will do well if we stay the course and wait.....the time is coming for the share price to not be 'crap'.
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