Chesapeake to replace four directors after pressure

Chesapeake Energy Corp agreed to replace four current board members, bowing to shareholder pressure to improve corporate governance just days ahead of the natural gas producer's annual meeting.

The company's largest shareholder, Southeastern Asset Management, will nominate three of the new directors, while billionaire investor Carl Icahn and his affiliates will pick the fourth, it said on Monday.

Chesapeake, the nation's second biggest natural gas producer, has been under intense scrutiny from investors after Reuters reported in April that Chief Executive Aubrey McClendon had taken out more than $1 billion in loans, using his personal stakes in thousands of company wells as collateral.

Read Full Article from Reuters

- Posted: 2012-06-04 09:17:46

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