Reuters: Mergers News: WRAPUP 2-Chesapeake shareholders rebuke board, seek changes

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WRAPUP 2-Chesapeake shareholders rebuke board, seek changes Jun 8th 2012, 16:29 By Anna Driver and Matt Daily Oklahoma City, June 8 | Fri Jun 8, 2012 11:45am EDT Oklahoma City, June 8 (Reuters) - Chesapeake Energy Corp shareholders delivered a broad rebuke of the company's board on Friday, withholding support for two members up for reelection in the wake of a governance crisis and poor financial performance at the U.S. oil and gas company. V. Burns Hargis, the president of Oklahoma State University, and Richard Davidson, the former chief executive officer of Union Pacific Corp, are expected to resign from the board, paving the way for the appointment of four new directors and an independent chairman who have the backing of two of Chesapeake's largest investors. "The vote is fundamentally a referendum on the entire board," Michael Garland, head of corporate governance for the New York City comptroller, told the annual meeting of investors. Shareholders also did not approve compensation packages for the company's executives. The vote came after Chesapeake announced earlier on Friday that it planned to sell its pipeline and related assets to Global Infrastructure Partners for more than $4 billion as the company scrambles to plug an estimated $10 billion funding shortfall. Link this Share this Digg this Email Reprints

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