Two senior executives at SandRidge Energy Inc. are leaving the company, according to a regulatory filing made Friday.
Hedge fund TPG-Axon Capital, one of SandRidge's largest shareholders, was critical of compensation paid to top SandRidge executives as it fought to gain control of the company earlier this year.
The impending departure of Todd N. Tipton and Rodney E. Johnson means three of SandRidge's top five executives will have left the company since the March 13 settlement between TPG-Axon and SandRidge that ended the proxy fight.
Former President Matthew K. Grubb left the company after the settlement was announced, while CEO Tom Ward is expected to leave this summer.
James D. Bennett, who was elevated from chief financial officer to president after Grubb's departure, will be the company's interim CEO if Ward is fired.
Tipton, SandRidge's executive vice president of exploration, is retiring, while Johnson, the company's executive vice president of corporate reserves and acquisitions and divestitures, is leaving to pursue other opportunities, the filing shows.
“We want to thank Todd and Rodney for their service and contributions to the success of our operations, including playing key roles in our joint ventures with Atinum and Repsol, and providing leadership in moving the company's focus from natural gas to oil,” SandRidge spokesman Greg Dewey said. “We wish them both the best in their future endeavors.”