Chesapeake Investors Rip CEO Pay, Oust Directors

Law360, New York (June 8, 2012, 8:17 PM EDT) -- Chesapeake Energy Corp. investors on Friday replaced six directors, voted down an executive pay package and hammered CEO Aubrey McClendon on the direction and corporate accountability of the nation's second-biggest gas producer.

Lobbying from Southeastern Asset Management Inc. and activist investor Carl Icahn — who together own 20 percent of Chesapeake stock — unleashed widespread frustration over falling profits, rising debt and a controversial well investment perk for McClendon that appeared to put his interests over those of shareholders.

“Something is out of whack here at...
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