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.

Paula Dittrick

June 4, 2012

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.

About the Author

Paula Dittrick

Senior Staff Writer

Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.

Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.