Chesapeake to change four independent directors

Oklahoma City independent Chesapeake Energy Corp. outlined plans to appoint four new independent directors to replace four existing independent directors who will resign. In addition, a fifth existing independent director is retiring on June 8.

Three of the new directors will be proposed by Southeastern Asset Management, which owns 13.6% of Chesapeake’s stock, and the fourth independent director will be Carl C. Icahn or a person who he chooses to designate. Icahn owns 7.6% of Chesapeake’s stock.

Chesapeake plans to announce an independent nonexecutive chairman by June 22. At that point, Aubrey K. McClendon will relinquish his role as chairman and continue as chief executive officer and a director.

The reconstituted board will approve the nonexecutive chairman. The size of the board will remain at nine directors.

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