Second investor calls for SandRidge to replace CEO Ward
NEW YORK |
NEW YORK Nov 15 (Reuters) - Another top SandRidge Energy Inc investor called for the oil and gas company to replace Chief Executive Tom Ward and overhaul its board, saying the company has been hurt by "critical failures of management and board oversight."
Mount Kellett Capital Management, which said it owns about 4.5 percent of SandRidge's outstanding shares, sent the company a letter on Thursday calling for the changes.
Last week, hedge fund TPG-Axon, which controls a 6.2 percent stake in the company, called for SandRidge to consider selling itself, for Ward to step down, and for changes to the board, saying management's strategy has been "incoherent, unpredictable and volatile."
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