Investor Carl Icahn
NEW YORK, NY — “Billionaire investor Carl Icahn revealed he had bought a 7.6 percent stake in Chesapeake Energy Corp (CHK.N) and called for the natural gas producer to replace at least four directors, saying the board has failed ‘in a dramatic fashion’ in its oversight of management.
The corporate-raider-turned-activist investor asked the company for two board seats for his own representatives and two for another large shareholder such as Chesapeake’s largest, Southeastern Asset Management.
The news was the latest in a saga that has seen the company come under intense pressure from investors to improve its corporate governance after Reuters reported in April that Chesapeake Chief Executive Aubrey McClendon had taken out more than $1 billion in loans using his personal stakes in thousands of company wells as collateral.”
— Reuters
Dear Chesapeake: I’m Back. Love, Carl Icahn
— Ben Lefebvre, Wall Street Journal
