The Board also claims that it does not technically have the ability to stop WCT Resources from engaging in any particular business. While that may be literally true (despite the fact that such activity was being conducted by a company which shared an address with SandRidge, and whose economic benefit flowed to a trust controlled by a SandRidge employee for the benefit of the CEO’s children), it was not beyond the Board's power to require that Mr. Ward step down as CEO if related entities did not cease their competitive activities, because it is inappropriate for SandRidge's CEO to be in such a conflicted position.“We believe the time has long passed to simply ‘consider’ the appointment of independent counsel – that should have been done already. The Board should suspend Mr. Ward while they engage credible experts to analyze the transactions and review the behavior. We challenge the Board to either do something, or make clear they will not. Stockholders cannot afford more inactivity or delay by their Board,” concluded TPG-Axon.
TPG-Axon Responds To SandRidge Energy’s Statement Regarding Related Party Transactions
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