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Icahn Reports 7.6% Stake In Chesapeake, Calls For 4 Directors To Be Replaced

DOW JONES NEWSWIRES Activist investor Carl Icahn reported a 7.6% stake in Chesapeake Energy Corp. (CHK) and called for the replacement of at least four of the embattled natural gas company's current board members. Icahn, who first took a stake in Chesapeake in late 2010, said the company's board failed to hold management accountable. Though Icahn said company's recent decisions separate the chairman and chief executive roles are a step in the right direction, the manner in which the company plans to select a new chairman is "woefully inadequate in both process and substance." Icahn called for at least four of the board's current members, other than Louis Simpson, be immediately replaced by two individuals designated by Icahn and two individuals designated by another large shareholder. "Only when these changes are effectuated will the board be truly independent and more importantly will investors come to believe that promises made will be promises kept; when a capital plan is agreed upon it will be maintained, not diverged from as it has in the past," Icahn wrote in a letter to the board. The Wall Street Journal reported last week that Chesapeake expected Icahn to disclose soon that he has taken a significant stake in the company, citing people familiar with the matter. A series of revelations detailing possible conflicts-of-interest issues involving Chesapeake Chief Executive Aubrey McClendon has a brought fresh wave of criticism against the company and its board. Chesapeake also faces a cash crunch and corporate-governance controversies that have pushed its stock to the lowest level since 2009. Pressure is mounting on Chesapeake, the nation's second-largest natural-gas producer after Exxon Mobil Corp., to raise billions of dollars by selling some of its prized assets to fund its operations and repay loans. Shares were up 1.4% to $16.03 in recent after hours trading. The stock is off 49% over the past 12 months. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
03/05/201421:19:31Chesapeake, Encana Charged With Antitrust Violations -- Update
03/05/201419:10:11Chesapeake, Encana Charged With Antitrust Violations
02/28/201410:01:30Chesapeake Energy to Sell $520 Million in Assets to Exterran...
02/26/201415:57:27Chesapeake Energy Swings to Loss -- Update
02/24/201405:47:09MARKET SNAPSHOT: U.S. Stock Market Is Starting To Ride A Tech...
02/24/201401:57:46Chesapeake Energy Seeks to Spin Off or Sell Oilfield Services...
02/07/201403:07:56Magnolia Petroleum gets Increased Density, Infill Drilling Proposals
02/06/201412:21:56Chesapeake Energy Predicts 2014 Capex Decline
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:10:03Icahn Associates Corp. 3Q 13F: Largest Purchases
11/15/201308:10:03Icahn Associates Corp. 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Holdings As Of -2-
11/15/201307:04:49Bridgewater Associates LP 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:38Bridgewater Associates LP 3Q 13F: Largest Sales
11/15/201306:57:24Millennium Management 3Q 13F: Holdings As Of Sep -2-

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