Activist investor Carl Icahn has picked one of the directors of some of his other companies to be nominated to serve on the board at Oklahoma City-based SandRidge Energy, the company he managed to take control of two years ago.
Oklahoma City’s SandRidge Energy has filed an amended proxy statement with the Securities and Exchange Commission for the nomination of one additional member of its board of directors.
The filing also indicated nominee, Patricia Agnello as well as board member Jonathan Frates agreed to accept no compensation for the rest of the year.
“In addition, this Amended Proxy Statement includes disclosure in the Director Compensation section of the Board’s decision to revise the Company’s non-employee director compensation policy by reducing director compensation by 50%. In addition, Mr. Frates and Ms. Agnello, if elected to the Board, have agreed to forgo their non-employee director compensation for 2020,” stated the SEC filing.
Agnello, who is associated with a company owned by President Trump would be a new member to the board if elected by shareholders. She has served as director of CVR Energy, Inc. since September 2018, a Carl Icahn refinery in Wynnewood. Agnello would be the fifth SandRidge board member since he took over control two years ago.
Agnello has been the Chief Human Resources Officer and Employment Counsel for Icahn Enterprises L.P. since March of this year. In this capacity, Ms. Agnello provides human
resources guidance to the Company and other companies with which Mr. Icahn has a relationship.
Agnello has been a director of: American Railcar Industries, Inc., a railcar manufacturing company, from 2017 to 2018; Icahn Automotive Group LLC, an automotive parts installer, retailer
and distributor, since 2017; Trump Entertainment Resorts, Inc., a gaming and hospitality company, since 2016; and PSC Metals, Inc., a metal recycling company, since 2012.
The initial proxy statement filed by the board indicated it supported and encouraged shareholders to elect four Icahn members: Jonathan Christodoro, Jonathan Frates, John Lipinski and Randolph C. Read. A fifth Icahn member, Bob Alexander died unexpectedly earlier this year.
The meeting is set to begin at 9 a.m. on June 5 at the company’s headquarters at 123 Robert S. Kerr Avenue in downtown Oklahoma City. The first filing stated that the shareholders meeting will be in-person.