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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
09/01/201513:49:00New Approach to Natural-Gas Could Keep Prices Low
08/24/201510:10:00Icahn Gets Board Seats From Cheniere
08/24/201509:59:00Icahn Gets Board Seats From Cheniere
08/21/201507:01:00Notice of Proposed Voluntary Dismissal of Derivative Action
08/11/201517:06:10Companies Pull Back on CEO 'Failure Parachutes'
08/06/201520:10:20Icahn Group Holds 8.18% of Cheniere
08/05/201510:00:19U.S. Hot Stocks: Hot Stocks to Watch
08/05/201509:30:07Chesapeake Energy Takes $4 Billion Write-Down Amid Weak Oil Prices
08/05/201509:14:32Chesapeake Energy Takes $4 Billion Write-Down Amid Weak Oil Prices
08/05/201507:01:00Chesapeake Energy Corporation Reports 2015 Second Quarter Financial...
07/28/201516:00:00Lonestar Announces Joint Development Agreement With IOG Capital
07/21/201510:20:08Chesapeake Energy to Drop Dividend
07/21/201510:05:56Chesapeake to Eliminate Dividend to Pay for Capital Spending
07/21/201507:01:00Chesapeake Energy Corporation Updates Financial Strategy
07/11/201510:30:03Why Chesapeake Energy, Clean Energy Fuels, and Legacy Reserves...
07/11/201507:11:033 Types of Risks Facing Natural Gas Stocks
07/10/201517:09:17Judge Orders Chesapeake to Pay $379.7 Million in Bond-Redemption...
06/12/201516:27:443 Stocks to Watch in Oil Rigs
06/05/201513:04:02How Energy Companies Are Raising Cash In A Pinch
06/02/201517:11:59The Competitive Advantage of the Best Natural Gas Stocks

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