OKLAHOMA CITY -- Chesapeake Energy Corp. shareholders rebuked the company's board by withholding support for two directors up for re-election Friday. Both directors tendered their resignation.
Shareholders withheld support for Chesapeake's executive compensation plan and peppered CEO Aubrey McClendon with questions about corporate governance and accountability at the nation's second-largest producer of natural gas.
Change, at least in the board's makeup, is coming. Chesapeake has agreed with activist investor Carl Icahn and Southeastern Asset Management, its top shareholder, to replace four of nine board members.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.