By Robert Barron, Staff Writer
Enid News and Eagle
Tom Ward has been removed as chairman and CEO of SandRidge Energy, and a new CEO has been named.
The SandRidge Board of Directors announced Ward’s departure Thursday, and named James Bennett as CEO and president. Lead independent director Jeffrey Serota will serve as interim non-executive chairman.
Serota said after evaluating Bennett’s performance as chief financial officer for the past two years, he was determined as the ideal choice to lead the company.
“The board unanimously concluded that an eternal search was unnecessary and not in the best interests of the company, as the board has full confidence that James will provide excellent leadership to a talented management team and work force,” Serota said.
Chief financial officer since 2011, Bennett was promoted to president in March. Bennett replaces Ward, who founded the company in 2006, and has served as CEO and chairman since it was founded.
“The decision to replace Ward reflects its judgment that, despite Ward’s many contributions to SandRidge, new leadership is in the best interests of the company and its shareholders at this time,” Serota said.
He expressed the board’s appreciation for Ward’s leadership and vision, which led to the founding and growth of the company.