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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
11/28/201413:24:56U.S. Stock Futures Pause; OPEC Decision Weighs on Energy Shares
11/25/201418:28:27Court Rules Against Chesapeake Energy Over 2013 Bond Redemption
11/25/201415:50:22Chesapeake Energy Bond Redemption Notice Faulty, Court Rules...
11/05/201409:45:59U.S. Hot Stocks: Hot Stocks to Watch
11/03/201415:14:08Southwestern Energy Shares Have 57% Upside -- Barron's
11/03/201412:08:50What Will Chesapeake Energy Do With All That Cash? -- Earnings...
09/18/201408:20:35Magnolia Shares Fall After Unveiling Cummings 2nd Half Well Output...
06/12/201416:43:41MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Down For Third Day
06/12/201414:52:18MARKET SNAPSHOT: U.S. Stocks Fall; Dow In Triple-digit Decline
06/12/201410:29:47MARKET SNAPSHOT: U.S. Stocks Edge Lower; Energy Sector Rallies
06/11/201419:14:44Aubrey McClendon Launches His Post-Chesapeake Comeback
05/28/201420:22:36Oklahoma Governor Signs Bill Raising Energy-Output Tax
05/20/201422:02:19Companies Bet Exposing Hacks Will Help
05/12/201417:58:12Oil Man George Kaiser Proposes Increase in Oklahoma Oil-and-Gas...
05/07/201420:12:46SEC Ends Investigation of Chesapeake Energy Ex-CEO Aubrey McClendon...
05/07/201408:30:12Chesapeake Energy Profit Soars
05/07/201408:04:10Chesapeake Energy Profit Soars, Revenue Jumps 47%
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...

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