SandRidge Energy fires CEO Tom Ward

By BY ADAM WILMOTH AND JAY F. MARKS The Oklahoman on Jun 19, 2013, at 6:42 PM??

Tom Ward was released from his position as SandRidge Energy CEO on Wednesday. The Oklahoman

OKLAHOMA CITY -- SandRidge Energy Inc. directors on Wednesday fired CEO Tom Ward, replacing him with President James Bennett. Lead independent director Jeffrey Serota will serve as interim nonexecutive chairman. ?As we begin a new chapter in the company's history, we are focused on keeping our talented team motivated, enhancing our communications, and delivering on expectations by efficiently executing on our assets," Bennett said. "We are confident this will result in value creation for all stakeholders, including our stockholders, employees and the communities in which we operate.? The move comes three months after the Oklahoma City energy company announced a settlement with dissident shareholder TPG-Axon Capital in which the hedge fund was allowed to name four new directors and President and Chief Operating Officer Matthew K. Grubb resigned. The expanded board began an investigation into Ward. TPG-Axon had questioned SandRidge's dealings with WCT Resources, a company run by Ward's son, Trent Ward, and controlled by trusts created to benefit Ward's adult children. SandRidge's board had maintained there was nothing improper in those deals. The investigation included the review of ?hundreds of thousands? of documents and the interview of more than 40 people, the company said. ?After reviewing the facts developed during the audit committee's investigation, the non-employee members of the board unanimously determined that such did not merit a termination for cause,? the company said in Wednesday's announcement. Because Ward's termination is considered ?without cause,? he will receive a severance package valued at about $90.9 million, according to the company's proxy. If Ward had been terminated with cause, he would have received nothing.

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Source: http://www.tulsaworld.com/article.aspx/SandRidge_Energy_fires_CEO_Tom_Ward/20130619_501_0_OKLAHO624001?rss_lnk=298,297

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