SandRidge Energy Board Ousts Founder Tom Ward

Sandridge Energy Inc.
Source: Sandridge Energy Inc.
Sandridge Energy Inc.

SandRidge Energy's board of directors on Wednesday said CEO Tom Ward will be replaced by company president James Bennett, citing a need for new leadership at the U.S. oil and gas company.

The Oklahoma City, Oklahoma, company has been under fire since last year from activist investor TPG-Axon Capital and another hedge fund for governance lapses and strategic missteps.

Current president James Bennett will be the new CEO, the company said. independent director Jeffrey Serota will be the interim non-executive chairman.