Activist investor Icahn wins control of SandRidge board
OKLAHOMA CITY (AP) — Candidates supported by billionaire investor Carl Icahn have won control of the board of directors of Oklahoma City-based SandRidge Energy, Inc.
The company said in a news release after Tuesday’s voting by shareholders that Icahn-supported candidates won four of the seven seats, two incumbent members won re-election, and one vote was too close to call.
Nominees for the seventh seat withdrew and the board agreed to add one seat, selecting one person supported by Icahn and one supported by the incumbent board, giving Icahn supporters five of the eight positions.
Icahn disclosed in November that he had acquired a 13.5 percent stake in SandRidge and was often at odds with the board.
He sought to replace the entire board while the board recommended re-electing five of its members and two candidates supported by Icahn.