The board of directors at SandRidge Energy Inc. removed the company's founder and CEO, Tom Ward on Wednesday. This was after a month long struggle with activist investors. The said investors accused Ward of strategic mistakes and self-dealing at the expense of its company's shareholders.
A severance payment of more than US$90 million in cash and stock will be given to Ward who was also under fire for his high salary.
The new president of the oil and gas company was named by the board. James Bennett assumed office as the new chief executive officer. Jeffrey Serota was named interim nonexecutive chairman of the company.
The termination of Ward at SandRidge follows the exit of Aubrey McClendon, the CEO of another Oklahoma City energy firm.
SandRidge Energy Inc. has been under fire since the previous year from hedge fund TPG-Axon. Another activist investor also caused struggle for the firm for accusations of governance lapses and strategic missteps.
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