- Stephen C. Beasley, Edward W. Moneypenny, Alan J. Weber and Dan A. Westbrook were appointed to the Board on March 14, 2013. Simultaneously, the Board appointed Mr. Beasley as chair of the Compensation Committee, Mr. Moneypenny to the Audit Committee and the newly formed Strategy and Planning Committee, Mr. Weber as chair of the Nominating and Governance Committee, and Mr. Westbrook to the Nominating and Governance Committee and as chair of the Strategy and Planning Committee.
- The Strategy and Planning Committee, consisting of Messrs. Westbrook, Moneypenny, Serota and Brewer, has met several times to review potential adjustments to the Company's planned capital and operating expenditures, including reductions in rig count and general and administrative expenses. Certain actions to reduce expenditures have already been taken, including the sale of Company planes and significantly reducing advertising and sponsorship expenditures. The committee expects its initial review to be concluded, and to make recommendations to the full Board, soon. The Strategy and Planning Committee is also evaluating a variety of options for addressing the Company's future capital needs and lessening any funding shortfall, including potential asset monetizations.
- The Audit Committee has engaged Mayer Brown LLP, an internationally recognized, independent law firm to review the shareholder allegations relating to transactions in oil and gas properties in the Mississippian play by Tom L. Ward, the Company's Chief Executive Officer, and entities affiliated with members of his family. The Audit Committee is targeting completion of that review by June 15, 2013.
- The Compensation Committee is currently assessing all aspects of SandRidge's compensation program with the Company's management and its new independent compensation consultant, Frederick W. Cook & Co., Inc. Among other things being considered by the Compensation Committee is a transition toward an objective performance based compensation plan. The Compensation Committee expects this review to be completed in the coming months.
SandRidge Energy Promotes David Lawler To COO Position And Provides Update On Initiatives
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