Two Chesapeake directors, including Icahn representative, resign

[September 27, 2016]  (Reuters) - Chesapeake Energy Corp said on Tuesday that two board directors, including a representative of activist investor Carl Icahn, resigned on Monday, a week after Icahn more than halved his stake in the natural gas producer.

Chesapeake Energy Corporation's 50 acre campus is seen in Oklahoma City, Oklahoma, on April 17, 2012. REUTERS/Steve Sisney
 

John Lipinski, who has been on Chesapeake's board since June 2014, and Vincent Intrieri stepped down on Monday, the company said. (http://bit.ly/2cSkDJK)

Intrieri, who has served as senior managing director of Icahn Capital LP, was on Chesapeake's board since June 2012, when Icahn asked to replace at least four directors and revealed a stake in the company.

Chesapeake in 2012 named four new independent directors, three proposed by Southeastern Asset Management, its largest shareholder then, and one proposed by Icahn, its second-largest shareholder at the time.

Chesapeake said the resignations were not due to any disagreement, but did not specify why the two directors had stepped down.

Icahn said last week that Chesapeake's management had done "an admirable job" over the last few years and that he reduced his stake in the company – by 51.6 percent to 4.55 percent – for tax planning purposes. (http://bit.ly/2cSkpT7)

(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

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