OKLAHOMA CITY (AP) -- SandRidge Energy Inc. on Monday named its president and CEO, James Bennett, to its board, effective immediately.
The oil and natural gas company tapped Bennett to lead it in June, when it terminated former Chairman, CEO and founder Tom Ward, following an investigation over a deal in which the company bought land from an entity controlled by a Ward family trust. The ouster followed an agreement with major shareholder TPG-Axon Group that would otherwise have led to the investment firm taking control of the board.
Bennett was previously chief financial officer of SandRidge and was promoted to president in 2013.
SandRidge Energy shares lost 2 cents to $5.13 in aftermarket trading, after closing down 2.8 percent at $5.15. The stock is down 19 percent since the start of the year. It hit a 52-week low of $4.52 in April and has seen choppy trading since then.