SandRidge Energy Names LeBlanc as New CFO
SandRidge Energy Inc. has appointed Eddie LeBlanc as its new chief financial officer, succeeding James Bennett, who was recently named the oil and gas producer's chief executive.
Mr. LeBlanc, who will begin his role on July 8, was most recently CFO at East Resources Inc. He has also worked as CFO at PostRock Energy Corp., Ascent Energy Co., Range Resources Corp., and Coho Energy Inc.
Last week, SandRidge founder Tom Ward was ousted as CEO and chairman, walking away with one of the biggest severance packages seen in the energy industry--about $90 million. The company in March had settled a proxy fight with activist shareholder TPG-Axon Capital LP, agreeing to either fire Mr. Ward or give control of its board to the hedge fund. SandRidge appointed four directors nominated by TPG-Axon at the time.
The company then promoted Mr. Bennett to CEO.
In May, SandRidge's board moved to slash the company's spending and refocus production for the rest of the year, and reported that its first-quarter loss widened sharply.
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