Chesapeake shareholders to replace four directors

OKLAHOMA CITY, Okla., Mon Jun 4, 2012 – Chesapeake Energy Corp. agreed to replace four of its current board members with new directors chosen by two of its largest shareholders, as the company has come under intense pressure to improve its corporate governance.

Chesapeake said on Monday that its largest shareholder, Southeastern Asset Management, will nominate three of the new directors, while billionaire investor Carl Icahn and his affiliates will pick the fourth. It said four of its current directors will resign upon appointment of the new directors.