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Icahn's Chesapeake Intervention Faces $22 Billion Hurdle

San Francisco Chronicle - Jun 5, 2012

Carl Icahn's makeover of Chesapeake Energy Corp.'s board may be too late to shield the U.S. natural- gas producer from a gathering storm of wrong-way bets on energy demand, plunging oil prices and corporate-governance failures.

Chairman and Chief Executive Officer Aubrey McClendon's management of the company he co-founded 23 years ago will come under new oversight after Chesapeake said yesterday it will replace four of the eight non-executive directors along with naming a new independent chairman. Icahn said he'll now push to curb spending after earlier criticizing the CEO and directors for "irresponsible actions" that led Chesapeake "to the edge of the proverbial cliff."

The overhaul of Chesapeake's board follows a plunge in gas prices to a 10-year low and revelations that McClendon had intertwined his personal business with that of the company's key financiers. The CEO's strategic shift from gas toward more profitable oil production may falter after crude prices had their biggest

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/06/05/bloomberg_articlesM53VO86VDKIB01-M55F4.DTL#ixzz1ww5TX9Jl

Read Full Article from San Francisco Chronicle

- Posted: 2012-06-05 10:53:33

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