Icahn Nominates Directors to Replace Entire SandRidge BoardBy
Nominees include ex-CEO of oil refiner Icahn bought in 2012
Billionaire activist first disclosed stake in December
Carl Icahn has nominated five directors to replace the board of SandRidge Energy Inc., including two representatives from CVR Energy Inc., which the billionaire investor acquired for $1.7 billion in 2012.
Icahn said earlier this month that his slate of directors would commit to seeking strategic alternatives for the embattled oil and gas driller. Icahn said he had “grave concerns” about the current board and that he would be willing to put an all-cash offer in for the company.
SandRidge said at the time it would evaluate any credible offer, including ones form Icahn.
Icahn named his nominees Monday in a regulatory filing. They include Jonathan Frates, a portfolio company associate at Icahn Enterprises LP; Nicholas Graziano, a portfolio manager at Icahn Capital LP; and Randolph Read, chief executive officer of Nevada Strategic Credit Investments. His nominees also include John Lipinski, former CEO of CVR, and Bob Alexander, who has served as a director of CVR since 2012.
On Monday, a representative for SandRidge was not immediately available for comment.
Icahn disclosed a stake in SandRidge in December and successfully fought against its proposed takeover of Bonanza Creek Energy Inc. He said in January that he planned to nominate at least one director to SandRidge’s board at its annual meeting. He is currently its largest shareholder with a 13.5 percent stake, according to Bloomberg data.