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.
