Well, This Might Be Good

Reuters is reporting:

SandRidge Energy Inc and activist hedge fund TPG-Axon Capital struck a deal on Wednesday that could lead to the removal of the oil and gas company's chief executive, marking the second time in two months that allegations of self-dealing and poor performance have shaken a U.S. energy firm.

The company has been under fire since last year from TPG-Axon and another hedge fund for governance lapses and strategic missteps. TPG-Axon, which owns 7.3 percent of SandRidge, launched a campaign to oust Ward and the company's entire board of directors.

SandRidge said that four directors nominated by TPG-Axon will be added immediately to SandRidge's board, which will engage an independent firm to review land deals by Ward and his family. Chief Operating Officer Matthew Grubb plans to resign, ....

... and so it goes.