Large SandRidge shareholder calls for possible sale, CEO removal

Thu Nov 8, 2012 9:13am EST

Nov 8 (Reuters) - One of SandRidge Energy Inc's top shareholders called for the oil and gas company to considering selling itself and for Chief Executive Tom Ward to step down, saying management's strategy has been "incoherent, unpredictable, and volatile."

Investor TPG-Axon, which said it owns more than 4.5 percent of SandRidge, sent a letter to the company on Thursday in which it also called for the company's board to be significantly reconfigured.

TPG-Axon said in the letter it believes SandRidge could be worth $12 a share to $14 a share, compared with its current $6 a share value, as of closing on Wednesday.