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Chesapeake Energy Cuts Board Pay Following Compensation Review

DOW JONES NEWSWIRES Chesapeake Energy Corp. (CHK) said it decided to trim compensation for outside directors by 20% and eliminates the use of fractionally owned aircraft for personal travel by outside directors. Under the natural gas producer's new plan, effective immediately, outside directors will receive annual pay of $350,000, comprised of $100,000 in cash and $250,000 in equity. The company said the reduction puts its pay package at or below the average director compensation of its peers. The change was taken with the aid of an independent compensation adviser as part of a broader review of the company's executive compensation programs. The board has made a handful of compensation changes, including reducing Chief Executive Aubrey McClendon's pay for 2011 and retaining an independent compensation adviser for the board's compensation committee. The board also said the search for a new non-executive chairman is progressing. Chesapeake's directors have forced McClendon to step down as chairman, bowing to pressure from shareholders over his personal financial dealings and the stock's poor performance. McClendon agreed to give up the chairmanship and end 18 months early a controversial perk that allows him to purchase a 2.5% stake in every well Chesapeake drills. Earlier this month, Chesapeake confirmed that the Securities and Exchange Commission had opened an informal investigation focused on the company and McClendon. Also this month, the company said it narrowed its first-quarter losses amid lower derivatives losses. Shares closed Friday at $14.36 and were down 2 cents after hours. The stock is down 36% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
12/02/201616:05:00Chesapeake Energy Corporation Announces Changes To Board Of Directors
11/25/201609:30:00INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
11/23/201610:26:00CHK ALERT: Rosen Law Reminds Chesapeake Energy Corporation Investors...
11/21/201610:28:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Reminds...
11/15/201609:46:00CHK INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors...
11/11/201618:32:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/11/201610:51:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders...
11/09/201614:33:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies...
11/07/201611:50:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/06/201608:00:00DEADLINE ALERT: Brower Piven Alerts Shareholders Of Upcoming...
11/03/201608:50:00Chesapeake Energy Results Not as Bad as Feared
11/03/201608:35:00Chesapeake Energy Results Not as Bad as Feared, Shares Higher
11/03/201607:00:00Chesapeake Energy Corporation Reports 2016 Third Quarter Financial...
10/28/201617:46:00Lifshitz & Miller Law Firm Announces Investigation of Alnylam...
10/19/201618:40:00Chesapeake Energy to Revise Wyoming Pact
10/19/201616:15:00JV Partners Crestwood Equity & Williams Partners Announce Agreement...
10/17/201615:06:00INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have...
10/17/201607:00:00Chesapeake Energy Corporation To Host 2016 Analyst Day, Provides...
10/14/201620:00:00SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with...
10/10/201617:01:00SHAREHOLDER ALERT: Lundin Law PC Announces Securities Class Action...

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