Cheseapeake Energy Replaces Four Members of the Board

Just days ahead of what was is still likely to be a contentious shareholder meeting, Chesapeake Energy caved to pressure from two of its biggest shareholders and agreed to replace its four independent directors.

Three of the new board members will be proposed by Southeastern Asset Management, which owns 13.6 percent of Chesapeake’s shares, and the fourth will be picked by investor Carl Icahn, who holds a 7.6 percent stake in the company.