CFO to depart when 2017 10-K is filed

SandRidge Energy, Inc. (ticker: SD) announced the departure of James Bennett, the company’s president and CEO effective today.

The company said that Bill Griffin, who currently serves as an independent director, has agreed to serve as interim president and CEO while the company conducts a full review of internal and external candidates. Griffin will continue to serve as a member of the board.

SandRidge chairman John V. Genova said that the board has determined that the time has come to transition to new leadership.

“The independent directors of SandRidge Energy, Inc. today announced that, in light of our new strategic direction, discussions with large shareholders and robust deliberation among the independent members of the board, now is the right time to begin transitioning to a new leadership team,” the company said in a press release.

Julian Bott, SandRidge Energy’s chief financial officer will also depart from the company, effective at the close of business on the date of filing the Company’s 2017 Annual Report on Form 10-K.  Mike Johnson, the company’s CAO, has agreed to serve as interim CFO.

John Suter will continue in his role as chief operating officer and Philip Warman will remain as general counsel with an expanded role as an EVP.

SandRidge said Sylvia K. Barnes will be appointed an independent member of the board. The board will continue to have four independent directors with the appointment of Ms. Barnes. Barnes will replace Griffin on the Compensation and Audit committees.

Barnes is a Principal and owner of Tanda Resources LLC, a privately-held oil & gas investment and consulting company.  From 2011 – 2015, Ms. Barnes served as Managing Director and Group Head for KeyBanc Capital Markets Oil & Gas Investment and Corporate Banking Group and was a member of the firm’s Executive Committee.  Prior to joining KeyBanc, Ms. Barnes was Head of Energy Investment Banking at Madison Williams, and Managing Director at Merrill Lynch’s energy investment banking practice. She joined Merrill as part of the firm’s acquisition of Petrie Parkman & Co.

Barnes is a member of the board of directors of Halcon Resources Corporation and serves on the Audit and Reserves Committees.  Ms. Barnes began her career as a reservoir engineer for Esso Resources.

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