Chesapeake Energy Corp. (NYSE: CHK) announced this morning that the new independent, non-executive chairman of the company’s board of directors will be Archie W. Dunham, former chairman and CEO of ConocoPhillips (NYSE: COP). Dunham joins four new independent board members who were also named to replace former directors Richard Davidson, Kathleen Eisenbrenner, Frank Keating, Don Nickles, and Charles Maxwell.
Three of the new board members were appointed by Southeastern Asset Management Inc., which owns a 13.9% stake in Chesapeake and one new member was appointed by Carl Icahn, who owns 7.6% of the the company.
Former director Davidson was voted out by shareholders at the company’s annual meeting earlier this month, along with another board member, V. Burns Hargis. Both sent letters of resignation to the board, but only Davidson’s was accepted. Hargis, who is chairman of the audit committee, will have his resignation letter reconsidered following the current financial review of the company.
Chesapeake’s stock is down -2.6% in the first 45 minutes of trading today, at $18.55 in a 52-week range of $13.32-$35.75. Even a possible sale of some assets to a Chinese buyer does not seem to have helped boost Chesapeake’s share price today. Perhaps the new chairman, himself a career oil man, may not be viewed as the answer to Chesapeake’s many problems.
Paul Ausick
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.