Carl Icahn has yet to comment publicly about his takeover of Oklahoma City’s SandRidge Energy during Tuesday’s annual shareholder meeting.
The shareholders elected four of Icahn’s seven-person slate and two nominees offered by the company. After losing control, SandRidge leaders said they also agreed with Icahn to expand the board from seven to eight members. An existing director and another Icahn nominee will be named, giving Icahn control with five of the eight directors.
“We look forward to working together in a constructive manner as we execute our plan and continue our strategic review process to maximize value for all SandRidge shareholders,” said the company.
SandRidge’s interim CEO Bill Griffin said, “”The bottom line is we knew going in by expanding the board to seven we were going to have a change in the leadership of this company. What it means for the company going forward is the decision’s been made and we have a new board.
“We will bring them up to speed as quickly as we can on what we’ve accomplished to date, where we are with the strategic process and then look to see if there’s any change in direction. But I can’t predict that outcome. Whether we’ll continue on just as we’re doing or if there will be some changes, that’s for the new board to decide.”
Icahn owns 13.6 percent of the company and launched his takeover fight earlier in the year after SandRidge attempted a $746 million purchase of Bonanza Creek Energy in Colorado, a move Icahn opposed. Eventually, the company backed out of the deal as Icahn increased critical pressure over the deal.