SandRidge Energy reaches settlement that could terminate CEO

Oklahoma City-based SandRidge Energy Inc. (NYSE: SD) has reached a settlement agreement with TPG-Axon Capital.

  • Under the terms of the agreement, four TPG-Axon nominees will be immediately added to SandRidge’s Board of Directors.
  • The board will complete a review of the related-party transactions outlined by TPG-Axon, and expects the results of that review by June 15, 2013. Chairman and CEO Tom Ward will remain in his position during the review.
  • The Board will decide by June 30 whether or not to terminate Ward. If he stays, three current directors will resign and an additional TPG-Axon nominee will be elected. If Ward does leave, James Bennett will be appointed interim CEO.

In a separate announcement, SandRidge announced that Matthew Grubb, president and chief operating officer, announced his resignation.

SandRidge has been under investigation after allegations of strategic missteps and governance lapses from TPG-Axon, which owns a 7.3 percent interest in SandRidge.

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