Board Shakeup As SandRidge Energy Reaches Settlement With Shareholder
OKLAHOMA CITY - Oklahoma City-based SandRidge Energy announced Wednesday a settlement deal with TPG-Axon, one of its largest investors and loudest critics.
Under the deal, four members of TPG-Axon will immediately be added to SandRidge's board of directors.
SandRidge founder Tom Ward will remain as chairman and CEO while the firm reviews the company's transactions. The board will decide by June 30 if Ward will stay with the company.
If Ward stays, three board members will be removed. If he's fired, an interim CEO has already been selected.
SandRidge's chief operating officer has also announced his intention to resign.