Chesapeake to overhaul board amid investor criticism

  The Oklahoma City oil and natural gas company announced Monday it would replace four members of its board of directors amid ongoing questions about its corporate governance. 

  A fifth member will come on board later this month as Chesapeake replaces a retiring director with a new independent chairman, who will replace embattled CEO Aubrey McClendon in the role.   

The company did not say which directors will be replaced, but the new members will hold a majority on Chesapeake’s nine-member board.  

The changes come after “extensive” discussions with the company’s two largest shareholders. 

  Southeastern Asset Management and billionaire activist Carl Icahn, who together hold more than 21 percent of the company’s stock, will nominate four new board members.   

Those new members will be able to sign off on the new chairman being selected by the existing board. The new independent chairman will not have any previous relationship with Chesapeake. 

  The reconstituted board will be introduced on or before June 22, the company said Monday.