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“SandRidge Energy, Dissident Shareholder Reach out to Employees”

Filed by KOSU News in State Impact.
March 7, 2013

SandRidge Energy and its dissident shareholder, TPG-Axon, are both trying writing letters to company employees to sway opinion in the energy company’s proxy fight.

TPG-Axon has urged SandRidge to cut back its overhead as much as 75 percent by reducing employee compensation, selling the company’s planes and some of its buildings and ending “extraneous expenses.” That 75 percent figure was not part of Tuesday’s letter.
TPG-Axon, in Tuesday’s letter, said more than one-third of SandRidge’s overhead spending was compensation for a small number of executives and board members.
Womack said he expects TPG-Axon to reduce the number of employees at SandRidge if it gains control of the company.

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