Shareholder vote gets 2 with Chesapeake to quit

6/9/2012

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.