Chesapeake Energy Appoints Five Independent Directors
McClendon stepped aside as chairman of Chesapeake's board, but will remain a director and will continue to serve as the company's CEO and president.
Archie W. Dunham, former chairman of ConocoPhillips and former chief executive officer of Conoco, has been appointed as the energy company's new independent non-executive chairman.
Chesapeake's board appointed four other independent directors: three proposed by Southeastern Asset Management, its largest shareholder with a 13.9 percent ownership stake, and one proposed by Carl Icahn, its second largest shareholder with a 7.6 percent stake.
The new directors proposed by SAM are Bob Alexander, R. Brad Martin and Frederic M. Poses. The new director proposed by Icahn is Vincent J. Intrieri.
The five new directors will replace Richard Davidson, Kathleen Eisbrenner, Frank Keating and Don Nickles who have resigned, and Charles T. Maxwell who retired at the annual meeting on June 8, 2012.
"We believe Chesapeake is now heading in the right direction," Icahn said in a statement. "With the board providing strong oversight, the management team will be sharply focused on realizing the value of its assets and the company will be well positioned to create substantial value for shareholders going forward."
Chesapeake's shares were slightly higher in pre-market trading.