Wednesday, June 19, 2013
 
 

By Anna Driver and Michael Erman

(Reuters) - SandRidge Energy Inc's <SD.N> board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders.

Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock.

The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. Jeffrey Serota, a private equity executive at Ares Management, has been named interim nonexecutive chairman of the company, which is currently wo   [READ MORE]
 
 
 
By Sinead Carew and Liana B. Baker

NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen.

Sharehol...   [READ MORE]
By Huw Jones

LONDON (Reuters) - An international bookkeeping regime being unveiled on Thursday will iron out national variants in insurers' black box balance sheets although the transition will take several years and the United States will keep its own, very different rules.

...   [READ MORE]
By Tom Polansek

CHICAGO (Reuters) - U.S. futures and options volume in May climbed 11.6 percent from a year earlier amid signs that Federal Reserve policymakers may pare back their massive monetary stimulus, according to analysts and newly released industry data.

The ...   [READ MORE]
 
By Ian Chua

SYDNEY (Reuters) - Asian stock markets were braced for a fall on Thursday in line with Wall Street after the U.S. central bank confirmed that it would begin to withdraw stimulus this year if the economy continued to recover as it expected.

Tokyo's Nikk...   [READ MORE]
 
NEW YORK (Reuters) - New York lawmakers announced a deal on Wednesday to privatize utility operations on Long Island and revamp the Long Island Power Authority, a state-owned New York utility company that was criticized for its response during last year's Superstorm Sandy.

The deal, an...   [READ MORE]
By Tom Hals

(Reuters) - Ally Financial Inc's proposed $2.1 billion agreement reached last month with creditors of its bankrupt Residential Capital LLC subsidiary cleared a key court deadline with only one vigorous objection, though several warning shots were fired.

<...   [READ MORE]
 
 
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