TPG-Axon, owner of 7% of the outstanding shares of SandRidge
Energy, Inc. (
), today said that Glass, Lewis & Co., an independent proxy
voting and corporate governance advisory firm, has recommended SD
stockholders vote the GREEN consent card in support of TPG-Axon's
This is in response to a letter issued to shareholders
yesterday, in which SD urged stockholders to support the company's
"highly qualified board" and reject TPG-Axon's nominees.
Glass Lewis recommends an amendment to SD's bylaws to destagger
the board, that six incumbent directors be removed, including SD
CEO Tom Ward, and that independent director nominees Stephen
Beasley, Edward Moneypenny, Dinakar Singh, Alan Weber, Dan
Westbrook and Peter Rothschild be elected to the board.
"We strongly believe the incumbent directors' lack of strategic
oversight and financial discipline, combined with their poor
governance practices has caused the market to lose faith in the
company, causing massive leakage of value for stockholders. Because
of this we believe it is imperative that stockholders follow Glass
Lewis and ISS's, two of the largest proxy advisory firms,
recommendations and vote the GREEN consent card in favor of our
proposals to facilitate meaningful change," TPG-Axon stated in
today's press release.
SD is down 1.1% to $5.78 in a 52-week range of $4.81 -