Tom Ward, chairman and CEO of SandRidge Energy Inc., has left the company, and a new CEO has been named.
The Board of Directors of SandRidge Energy Inc. announced Ward’s departure Wednesday and named James Bennett 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, said Serota.
“The board unanimously concluded that an external 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 workforce ..,” 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 Wards 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 boards appreciation for Ward’s leadership and vision, which led to the founding and growth of the company. Ward is a native if Seiling.