SandRidge Energy is preparing for its 2019 annual meeting set for May 23 in Oklahoma City. The company filed a proxy notice this week with the Securities and Exchange Commission laying out details of the agenda including the election of its board of directors.
It is the first annual meeting since activist investor Carl Icahn took control of the board in a proxy battle last year.
“In June of last year, you elected us to effect change and to refocus SandRidge’s priorities on initiatives that will align the policies and practices of management with the interests of stockholders. We, along with our new CEO, are focused on that goal and are committed to transparency for you, our stockholders,” read the proxy statement on file with the SEC. “One important focus of ours has been the reformation of the Company’s executive compensation structure. As you will read throughout this proxy statement, the way forward is a compensation program better aligned with our industry peers and your vested interests. ”
The proxy statement is urging the re-election of directors Bob Alexander, Jonathan Christodoro, Jonathan Frates, Jack Lipinski, and Randolph Read and the election of Paul D. McKinney.
At 85, Alexander has been on the board since June 2018 but previously served on the board from 2012 to 2014 and was on the board for Seventy Seven Energy Inc.
Christodoro is a Partner at Patriot Global LP and was Managing Director of Icahn Capital LP, the entity through which Carl Icahn manages investment funds. He joined the board last June.
Jonathan Frates has been on the board since June of last year and has been a Managing Director at Icahn Enterprises L.P.
Jack Lipinski has been CEO and President of CVR Energy, Inc. and previously was CEO of Coffeyville Resources, LLC. He too joined the board in June of 2018.
Paul McKinney is newly nominated as a director and was President and CEO of Yuma Energy, Inc.
Randolph Read has been on the board since June 2018 and has been President and CEO of Nevada Strategic Credit Investments.
Two directors notified the board they would not stand for re-election. They were David J. Kornder and Sylvia K. Barnes. Their notifications were made in March and April of 2019.
As for compensation, the directors up for re-election each received stock awards totaling $150,005 in addition to their cash fees ranging from $18,750 to $37,500.
The annual meeting will be held at the SandRidge Energy headquarters, 123 Robert S. Kerr Avenue at 9 a.m. central time.
