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Chesapeake has the added burden of a huge debt load, which Icahn pins on the board. Chesapeake's plan is to sell oil and gas leases and other assets to raise money to pay down debt. Biju Perincheril, an analyst at Jeffries & Company, estimates the company needs to sell at least $7 billion worth of assets before the end of the year or risk violating the terms of some of its loans. Chesapeake is seeking a new board chairman after agreeing last month to strip McClendon of that title. The company has agreed that the selection must be approved by Icahn and Southeastern Asset Management. "We are pleased that Chesapeake is being responsive to issues raised by us and many of the company's other shareholders," said Southeastern Asset Chairman and CEO O. Mason Hawkins in a statement. McClendon will remain as CEO and a board member. The selection of a new chairman will be made by June 22. "I am fully supportive of these measures and remain focused on executing Chesapeake's strategy," McClendon said in a statement. Chesapeake's board will continue to have nine members.
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