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.”
Tipton and Johnson each will receive a lump-sum payment of a year's salary and vesting of previously issued restricted stock. Each of the men earned about $420,000 in 2011, according to the firm's 2012 proxy statement. They each will receive stock worth at least $1.38 million.
SandRidge's stock closed Friday at $4.99, up 21 cents a share.
Tipton and Johnson also have agreed not to compete with the Oklahoma City oil company in the Mississippian formation or try to hire SandRidge employees for a year.
Their departures will be effective May 10.
Also Friday, SandRidge announced the promotion of Lance J. Galvin to senior vice president of corporate reservoir engineering.
“We are fortunate to have a deep bench of talented leaders,” Dewey said. “With more than 32 years of industry experience and a focus in reservoir engineering, Lance will now play an even greater role in the company's future success.”
Galvin joined SandRidge in August 2011 as reservoir engineering manager.