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Chesapeake Appoints New Chairman, Directors; Chosen by Icahn, Southeastern

By Saabira Chaudhuri Chesapeake Energy Corp. (CHK) has appointed Archie W. Dunham, the former chairman of ConocoPhillips (COP), as its new independent chairman, along with naming four new independent directors to its reconstituted nine-member board. Mr. Dunham, who formerly also served as chief executive of Conoco, succeeds Aubrey K. McClendon, who remains a director and will continue to serve as Chesapeake's CEO and president. The board has faced tough scrutiny since it emerged in April that Mr. McClendon has secured loans for more than $1 billion from financial firms that do business with Chesapeake, pledging his stakes in the company's wells as collateral. The company, which produces more natural gas than any U.S. company after Exxon Mobil Corp. (XOM), has been beset in recent months by decade-low prices for its principal product and a string of governance controversies. Days before its June 8 annual meeting, the embattled natural gas giant agreed to shuffle its board and allow activist investor Carl Icahn and Southeastern Asset Management Inc. to appoint four new members. Southeastern, Chesapeake's largest holder with a 13.9% stake, has appointed three new members: Bob G. Alexander, R. Brad Martin and Frederic M. Poses. Icahn, who owns 7.6%, has appointed his own agent, Vincent Intrieri, to the board. Intrieri is a senior managing director of Icahn Capital LP and a director at Dynegy Inc. (DYN) and CVR Energy Inc. (CVI), where Icahn holds significant and controlling stakes, respectively. The five new directors replace Richard K. Davidson, Kathleen M. Eisbrenner, Frank Keating and Don Nickles, who have resigned, and Charles T. Maxwell, who retired at the annual meeting. Shareholders overwhelmingly voted against the two directors up for election at Chesapeake's annual meeting. The directors, V. Burns Hargis, president of Oklahoma State University, and Richard Davidson, former chief executive of Union Pacific Corp. (UNP), subsequently offered to resign. Chesapeake accepted Davidson's resignation, but not Hargis' as he's chairman of the audit committee. It will reconsider the resignation following its financial review. Shares were up five cents to $19.09 in recent premarket trading. The stock is down 34% in the last 12 months. Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
07/14/201616:00:00Chesapeake Energy Corporation Provides 2016 Second Quarter Earnings...
07/12/201613:40:00Permian Resources Draws Strong Interest From Debt Investors
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07/01/201616:35:00North Texas Royalty Buyers and Investors Sue Chesapeake Energy...
06/26/201620:40:00Williams Cos. Fights to Save Deal
06/08/201613:44:00Crash That Killed Aubrey McClendon Was Accident -- 2nd Update
06/08/201613:05:00Crash That Killed Aubrey McClendon Was Accident -- Update
06/08/201613:00:00Crash That Killed Aubrey McClendon Was Accident
06/08/201612:35:00Crash That Killed Aubrey McClendon Was Accident
06/07/201614:30:00Seventy Seven Energy Files for Bankruptcy
05/18/201621:57:00American Energy Partners LP to Shut Down -- Update
05/16/201618:55:00SandRidge Energy Files for Bankruptcy Protection -- 2nd Update
05/16/201615:08:00SandRidge Energy Files for Bankruptcy Protection -- 2nd Update
05/12/201616:27:00Chesapeake Swaps Debt for Stock -- Update
05/12/201610:30:00Chesapeake Swaps Debt for Stock
05/12/201610:15:00Chesapeake Energy Swaps Debt for Stock
05/06/201603:03:00Energy Producer Narrows Its Loss -- WSJ
05/05/201610:10:00Chesapeake Energy Loss Narrows
05/05/201609:58:00Chesapeake Energy Loss Narrows; to Sell Some Assets
05/05/201608:18:00Newfield to acquire an additional 42,000 net acres in STACK

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