Activist investor Carl Icahn enlisted a former SandRidge Energy Inc. president and COO to serve as the consultant for a planned proxy contest to replace SandRidge's entire board of directors and evaluate strategic alternatives for the company.
Matthew Grubb was employed at SandRidge from 2006 to 2013, before the company filed for Chapter 11 bankruptcy protection in 2016, Icahn noted in a May 23 open letter to SandRidge stockholders. Grubb is the president and CEO of private oil and gas company Compass Production Partners LP.
"Matt's experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach over the next few weeks as we explain our strategy to maximize stockholder value and to the execution of next steps after the company's annual meeting," Icahn said in the letter.
Amid continued pressure from Icahn, the Oklahoma-based oil and gas producer was preparing for a possible sale by paying off debt and cutting production costs in the first quarter.
