Board Shakeup As SandRidge Energy Reaches Settlement With Shareholder

Wednesday, March 13th 2013, 5:23 pm
By: News 9

Oklahoma City-based SandRidge Energy announced Wednesday a settlement deal with TPG-Axon, one of its largest investors and loudest critics.

12/27/2012 Related Story: Hedge Fund Pushes To Remove SandRidge Energy Board

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.

1/25/2013 Related Story: SandRidge Finds No Wrongdoing In Transactions Between Company, Ward Family

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.