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For years shareholders have criticized the way Chesapeake compensates McClendon and have called for greater accountability from the board. They're also concerned about the company's huge debts and aggressive spending plans at a time when natural gas prices are near decade-lows. The company is planning to sell up to $14 billion in assets this year to help pay off debts. Chesapeake's top investors cheered the new board appointments. "We believe Chesapeake is now heading in the right direction," said billionaire Carl Icahn, an activist investor who bought Chesapeake shares this spring as it was reeling from a rash of corporate governance issues. News reports in April revealed that McClendon took out more than $1 billion in loans to cover his personal stake in Chesapeake wells. Some of those loans appeared to create a conflict of interest with groups that were planning to buy Chesapeake assets. Also, while leading Chesapeake, McClendon ran a private hedge fund that traded in contracts for oil and natural gas
-- commodities that Chesapeake produces. Chesapeake shares fell 37 cents to $18.67 in morning trading.
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