|New Chesapeake chairman Archie Dunham|
The company has stated that Archie Dunham, former chairman of ConocoPhillips, will take over as chairman from McClendon, who remains the company's CEO.
In addition to naming Dunham chairman, four new independent directors are being named. Bob Alexander, Brad Martin, and Frederic Poses were selected as directors by Southeastern Asset Management, which stands as Chesapeake's largest shareholder (13.9% stake). Activist investor Carl Icahn (7.6% stake) named Vincent Inrieri as a director.
Richard Davidson, Kathleen Eisbrenner, Frank Keating, Don Nickles, and Charles Maxwell are the former directors whose seats are being filled.
McClendon remains a board member. So does Louis Simpson and Merrill "Pete" Miller Junior.
Read more about the shake-up at Chesapeake by clicking here.
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