New York, June 9 (FinanceEnquiry.com) – Chesapeake Energy Corp (NYSE: CHK) the No 2 natural gas producer in America after Exxon Mobile Corp (NYSE: XOM) is facing some serious issues. The shareholders of Chesapeake reprimanded the company’s Chief Executive, Aubrey McClendon, and its Board by refusing to accept two of the earlier directors for re-election in the Board due to some critical governance crisis.
Moreover, it was found that McClendon’s personal interests were coming in the way of company’s interests. As per reports, McClendon had arranged funds of more than $1 billion for his personal financing purpose from a lender who is doing business with Chesapeake. It was found that in return of getting some unusual incentives and fees, the Board was letting its chief do what he wanted. The two directors that resigned after getting support of less than a quarter of votes of shareholders were V Burns Hargis, President of Oklahoma State University and Richard Davidson, an ex-chief executive officer of Union Pacific Corporation.
Earlier the activist investor, Carl Icahn, along with chief stakeholder, Southeastern Asset Management ordered a commove for the firm. The $12 billion funding gap of the company led to such shake-up. Chesapeake is facing a big cash deficit and the company is planning to sell its assets in large numbers in order to expand drilling operations at its premium oil & natural gas liquid sites.
Questions are raised on irresponsibility and unprofessionalism in governance of Board of No 2 gas producing unit in America. A shareholder naming Armstrong, said that the shareholders are totally against all such practices and want to revamp the situation by appointing a sound Board under a new chairman on June 22, that can work for the benefit of the company.
Chesapeake’s shares have recorded a dip by 40% since last year.
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