SandRidge Energy (NYSE: SD ) hasn't wasted much time finding a new executive to head its finance team. Less than a week after advancing CFO James Bennett to the CEO chair, the company has named his replacement. The new CFO is to be Eddie LeBlanc, who will take up his position on July 8.
LeBlanc is a veteran energy industry CFO. He has filled that role at East Resources -- now a unit of Royal Dutch Shell (NYSE: RDS-A ) -- as well as PostRock Energy (NASDAQOTH: PSTRQ ) , and Range Resources, among others.
In terms of his brief, SandRidge quoted CEO Bennett as saying that "we expect him to focus on capital discipline, optimizing SandRidge's spending levels, and executing on our previously announced financial strategy designed to delivers returns to our shareholders."
According to an SEC filing submitted by the company, LeBlanc is to receive an annual base salary of $425,000. He will also be eligible for a target annual incentive award of $375,000, and a target long-term incentive award of $1.5 million, payable in cash and stock.