SandRidge Energy Inc said its new board has taken steps to reduce costs by selling aircraft and cutting down on advertising and sponsorships, a month after the oil and gas company ended a proxy battle with TPG-Axon Capital.
SandRidge was under fire from shareholders TPG-Axon and another hedge fund for strategic missteps and governance lapses, mostly surrounding land deals by Chief Executive Tom Ward and his family.
The company said on Monday it engaged law firm Mayer Brown LLP to review the allegations against the CEO. SandRidge is looking to complete the review by June 15, the company said.
SandRidge has time until June 30 to decide whether to terminate Ward, according to the deal signed with TPG-Axon.
Monday's cost cuts were led by a committee that included recently added TPG-Axon nominees.
"The Strategy and Planning Committee is also evaluating a variety of options for addressing the company's future capital needs and lessening any funding shortfall, including potential asset monetizations," SandRidge said.
The company named David Lawler as chief operating officer, replacing Matthew Grubb.
(Reporting By Thyagaraju Adinarayan and Garima Goel in Bangalore; Editing by Sriraj Kalluvila)