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Big Chesapeake shareholders to name board members

NEW YORK (MarketWatch) -- Chesapeake Energy Corp. said Monday it plans to add four new independent members to its board of directors in a plan approved by its two largest shareholders, Southeastern Asset Management, which owns 13.6% of the energy company, and Carl Icahn, who owns 7.6%. Four of the company's current slate of independent directors will resign and four new ones will be added. Three of the new independent directors will be proposed by Southeastern and the fourth will be Icahn or a person designated by him. Separately, Chesapeake said a search to find a new non-executive chairman of the board to replace Aubrey McClendon "is nearing completion" on or before June 22. The size of the board will remain at nine. McClendon will remain chief executive officer of the company but will no longer serve as chairman.