Independent producer SandRidge Energy announced Monday its board has appointed Paul D. McKinney as president and CEO, effective today.
McKinney succeeds the company’s interim president and CEO, William M. Griffin, who will continue to serve on the SandRidge board, Kallanish Energy reports.
“After an extensive search, we are confident we have found a candidate with the leadership skill and experience necessary to maximize value for our shareholders,” Griffin said.
Last year was a time of change at SandRidge. Last June, SandRidge said it would review its operations, a month after activist investor Carl Icahn won a battle for control of the company. He took five of eight seats on the board of the company that he wants to sell.
The company had said it had been approached by several potential bidders earlier in 2018, after Icahn forced the resignation of the company’s president/CEO, James Bennett, and its chief financial officer, Julian Bott.
SandRidge said at the time it would focus on cost reductions, margin improvements and divestment of non-core assets while developing a new plan for growth.
SandRidge’s new top executive has 35 years of industry experience, most recently having served as president and chief operating officer of Yuma Energy.
Prior to joining Yuma in 2014, he held a variety of leadership positions with Apache Corp. over a six-year period, including vice president of its Gulf Coast Onshore Region.
Additionally, he was employed by Tristone Capital in 2007 as vice president and director of Acquisitions and Divestitures. He began his career in 1983 with Anadarko Petroleum, advancing through a variety of engineering and operations positions, ending his time there as vice president of Reservoir Engineering for Anadarko Canada.
“I am very excited to be joining SandRidge and honored to work with the SandRidge team as we develop our plans for the future,” McKinney said. “The company’s asset base and existing investment opportunities are impressive and have set SandRidge up for organic growth.”
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