TPG-Axon outlines SandRidge strategies
SandRidge shareholder TPG-Axon has spelled out five strategies it says will help restore value for shareholders.
Restructure the board of directors and replace CEO Tom Ward. The shareholder group has blamed the directors and Ward for the company's stock price falling 80 percent over the five years since its initial public offering. TPG-Axon also has pointed out that Ward is one of the highest-paid CEOs in the industry even though SandRidge is a relatively small publicly traded exploration and production company.
Drastically reduce overhead and waste. TPG-Axon has urged the company to cut back on overhead by as much as 75 percent by reducing employee compensation, selling the company's planes and some of its buildings and ending “extraneous expenses,” such as personal services payments, advertising and luxury suites.