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Chesapeake Energy organizes new board

Chesapeake Energy Corp.'s revamped board has made its committee assignments, according to a regulatory filing.
BY JAY F. MARKS Published: August 4, 2012

Chesapeake Energy Corp.'s newly reconstructed board determined its committee assignments at a meeting this week, according to a Friday regulatory filing.

Chesapeake replaced five members of its nine-person board on June 21 amid shareholder discontent about its oversight of co-founder Aubrey McClendon. McClendon has given up his position as board chairman, but remains CEO.

Two directors who stood for re-election at Chesapeake's June 8 annual meeting were rejected by more than 70 percent of shareholders, but only Richard K. Davidson has been replaced as the board's audit committee continues its investigation of McClendon's personal finances.

Oklahoma State University President Burns Hargis, who tendered his resignation after the annual meeting, is expected to remain on the board until the review is completed. He heads the audit committee.

McClendon was replaced as board chairman by former Conoco executive Archie Dunham, while the other new board members were added on behalf of the company's two largest shareholders: Southeastern Asset Management and activist investor Carl Icahn.

McClendon, as CEO, is the only board member who is not part of a committee.

Dunham will serve on the board's nominating and corporate governance committee, which is headed by Louis A. Simpson. Simpson was appointed to the board last year at Southeastern's urging.

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