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Burns Hargis resigns from Chesapeake Energy board

Chesapeake Energy Corp.'s board has accepted the resignation of Oklahoma State University President Burns Hargis. He is being replaced by former Pride International Inc. CEO Louis A. Raspino.
BY JAY F. MARKS Modified: March 7, 2013 at 8:11 pm •  Published: March 7, 2013

Dunham and Raspino worked together when the former Conoco executive was a member of Pride International's board. Raspino left the drilling service company in May 2011 after it merged with London-based Ensco.

Raspino currently serves on the board of two other public companies: Dresser Rand Corp. and Forum Energy Technologies.

“With his extensive operational, strategic and financial expertise in America's oil and natural gas industry combined with his sterling reputation on matters of corporate governance, Louis Raspino is the ideal person to chair the audit committee of the Chesapeake board,” Dunham said.

Raspino will stand for election to the board at Chesapeake's annual meeting of shareholders in June.

“It is an honor to be selected to join the board of one of our country's leading energy producers — a company that played a leading role in changing the U.S. energy supply paradigm from scarcity to abundance,” Raspino said. “I look forward to learning more about what I believe are world-class assets and human talent that together hold tremendous potential for future value creation.”

Raspino is the sixth new member to join Chesapeake's nine-member board in less than a year, as shareholder unrest resulted in an overhaul. McClendon will join the exodus April 1 when he leaves the company after losing a power struggle with the new board.

The board is expected to name a new chief executive before McClendon's departure.


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