SandRidge Adds Four TPG-Axon Board Nominees; CEO May Leave
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SandRidge Energy Inc. will add four directors named by TPG-Axon Capital Management LP and agreed to give the activist shareholder control of the board if Tom Ward is still running the company in four months.
The board is slashing director pay by a third to $250,000 a year from $375,000, Oklahoma City-based SandRidge said in a statement yesterday. President and Chief Operating Officer Matthew Grubb is resigning after seven years at the oil and natural gas producer, the company said.