21 jun: Robinson Crusoe de luxe
26 jun: Den hurtigste Bentley til dato - Continental GT Speed
21-06-2012 17:55:00

UPDATE: Chesapeake Names New Chairman, Adds Four New Directors

Relateret indhold
Relateret debat
09 feb - 
ok- synes bare jeg genklendte navnet- det er peabody..:..
09 feb - 
Chesapeake Energy Corporation engages in the acquisitio..
09 feb - 
Mægler .... CHK producere shale gas og olie i USA, som ..

--Chesapeake approves new chairman, five new directors

--New chairman has extensive M&A experience

--Moves may signal intent to sell company

(Adds analyst comment, other information.)

By Ben Lefebvre

Chesapeake Energy Corp. (CHK) on Thursday appointed Archie W. Dunham, former chairman of ConocoPhillips (COP), as its new independent chairman and named four new independent directors, the result of a corporate governance shake-up called for by angry investors.

The changes could also indicate plans to put large chunks or even the entire beleaguered company up for sale, as the new board members, advanced in age, are led by a former executive experienced in the ways of oil-business transactions, analysts said.

Mr. Dunham, 73, will take over the chairmanship held until now by Aubrey K. McClendon, a move long sought by investors who said McClendon, who is also chief executive, held too much power in the company. Mr. Dunham served as CEO of ConocoPhillips for six years before stepping down in 2002 and has no previous ties to Chesapeake. As CEO of Conoco, Dunham engineered the oil-and-gas giant's spinoff of E.I. DuPont de Nemours & Co. (DD) in 1998, the largest such move ever. In 2002, he helped orchestrate Conoco's merger with Phillips Petroleum, a move that formed ConocoPhillips.

Angry investors, led by Carl Icahn, who recently became Chesapeake's second-largest shareholder, also pushed for replacing half of the board. Shareholders had complained that the previous board did little to rein in Mr. McClendon, who was often criticized as running the business he co-founded more as a private concern than as a public company.

A common thread running among many of the new board appointees is their relatively advanced age, with one board member being in his late-70s. The average board member age is now 65, up from 63 with the previous board. Morningstar analyst Mark Hanson said this means they aren't planning for long tenures. "If that's not setting up the company for sale, I don't know what is," Mr. Hanson said.

Mr. McClendon and the board have faced tough scrutiny since it emerged in April that Mr. McClendon has secured loans for more than $1 billion from financial firms that do business with Chesapeake, pledging his stakes in the company's wells as collateral. Chesapeake, which produces more natural gas than any U.S. company after Exxon Mobil Corp. (XOM), has been beset in recent months by decade-low prices for its principal commodity and a string of governance controversies.

Days before its June 8 annual meeting, the embattled natural-gas giant agreed to shuffle its board and to let Mr. Icahn and Southeastern Asset Management Inc. appoint four new members.

Southeastern, Chesapeake's largest holder with a 13.9% stake, appointed three new members: former energy executive Bob G. Alexander, former Saks Inc. (SKS) CEO R. Brad Martin and chemical-company executive Frederic M. Poses.

Mr. Icahn, who owns 7.6% of Chesapeake, has appointed his own agent, Vincent Intrieri, to the board. Intrieri is a senior managing director of Icahn Capital LP and a director at Dynegy Inc. (DYN) and CVR Energy Inc. (CVI), where Icahn holds significant and controlling stakes, respectively.

The five new directors replace Richard K. Davidson, Kathleen M. Eisbrenner, Frank Keating and Don Nickles, who have resigned, and Charles T. Maxwell, who retired at the annual meeting.

Chesapeake shares were at $18.72 in recent trading, down 1.7%. Shares are down 34% year over year.

--Saabira Chaudhuri and Ryan Dezember contributed to this article.

Write to Ben Lefebvre at ben.lefebvre@dowjones.com.

(END) Dow Jones Newswires

June 21, 2012 11:55 ET (15:55 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Nordea/Nykredit: Mindre gevinst ved flytningen betyder ikke meget

16-02-2018 16:17:10
Ændringen i besparelserne ved Nordeas flytning til Finland fra Sverige betyder ikke frygtelig meget.Det vurderer analytiker ved Nykredit Markets Ricky Steen Rasmussen.Forventningerne til besparelserne i forbindelse med flytningen til Finland er blevet justeret til 0,9-1,2 mia. euro fra 1,1-1,3 mia. euro. Det oplyste Nordea i en meddelelse til fondsbørsen fredag eftermiddag.- Jeg ser ikke særlig st..

Nordea venter færre besparelser ved flytning til Finland

16-02-2018 14:18:54
Efter nøje beregninger er Nordea kommet frem til, at den forestående flytning af hovedsædet til Finland fra Sverige giver en mindre økonomisk gevinst end hidtil antaget.Nu venter den skandinaviske storbank, at nettonutidsværdien af de samlede besparelser på afviklingsgebyrer, indskydergarantier og andre midlertidige effekter af flytningen af hovedsædet udgør cirka 0,9-1,2 mia. euro. Tidligere regn..

Aktier/middag: Bred funderet opgang er modreaktion på korrektion

16-02-2018 11:19:57
De ledende danske aktier ligger fredag middag alle i grønt uden deciderede selskabsspecifikke faktorer som forklaring på de enkelte aktiers bevægelser.I toppen ligger Novozymes, Novo Nordisk og DSV.C25-indekset ligger fredag middag med en stigning på 1,9 pct. i 1142,72. Det er tredje dag i træk med løft, og indekset er indtil videre steget fire af de seneste fem handelsdage og små 5 pct. siden sid..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge

Relaterede aktiekurser

Chesapeake Energy Corpor.. 2,73 0,0% Aktiekurs uændret
ConocoPhillips 54,65 0,0% Aktiekurs uændret
Exxon Mobil Corporation 76,54 0,0% Aktiekurs uændret
CVR Energy Inc 34,01 0,0% Aktiekurs uændret
Icahn Enterprises L.P. -.. 56,95 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2018  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
17. februar 2018 20:26:23
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20180209.1 - EUROWEB2 - 2018-02-17 20:26:23 - 2018-02-17 20:26:23 - 1 - Website: OKAY