SandRidge Energy Inc. said Dec. 13 Paul D. McKinney has stepped down as CEO, a post he had held for less than a year.

The resignation of McKinney as president and CEO and as a board member is in connection with SandRidge’s latest initiative, according to the company release. Following his departure, John P. Suter, currently SandRidge COO, has agreed to serve as interim president and CEO.

Citing a challenging price environment currently facing the oil and gas industry, SandRidge launched a series of actions, including a possible minimal 2020 capex plan, that it said is designed to maximize free cash flow while also improving shareholder value.

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