February 19, 2013 / 2:37 PM / in 5 years

SandRidge says proxy firm backs current board against TPG-Axon

Feb 19 (Reuters) - SandRidge Energy Inc said a proxy advisory firm has recommended shareholders reject a campaign by hedge fund TPG-Axon Capital to sack the oil and gas company’s board.

TPG-Axon, one of SandRidge’s largest shareholders, wants to replace the board and oust Chief Executive Tom Ward, citing weak management and the company’s poor stock performance.

Proxy advisory firm Egan-Jones Proxy Services said TPG-Axon had not provided specific plans or valid reasons to change SandRidge’s direction, Sandridge said in a statement.

Another proxy advisory firm, ISS, said on Friday that a majority of SandRidge directors should be replaced due to governance problems at the company.

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