(Reuters) – Shares of Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) and Encana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz) tumbled Monday after a Reuters investigation showed that top executives of the two rivals plotted in 2010 to avoid bidding against each other in a state auction and in at least nine prospective deals with private land owners.
Following the report, the state of Michigan pledged to determine whether the two energy giants acted two years ago to suppress land prices there.
June 21 (Reuters) – Chesapeake Energy Corp named
former Conoco head Archie Dunham its new chairman, replacing
Aubrey McClendon as it seeks to quell a shareholder revolt over
a governance crisis.
McClendon, who co-founded the company 23 years ago and built
it into the second-largest natural gas producer in the country
after Exxon Mobil Corp, continues as chief executive,
but will report to a more independent board and an influential
chairman who will likely rein in his free-spending ways.
June 19 (Reuters) – Laura Pendergest-Holt, a former
executive in convicted swindler Allen Stanford’s investment
firm, has agreed to plead guilty and will receive a three-year
prison sentence for her role in a $7 billion fraud, a source
familiar with the case said on Tuesday.
Earlier this month, Stanford was sentenced to 110 years in
prison for running a Ponzi scheme in which he stole money from
investors around the world that helped to finance an extravagant
HOUSTON (Reuters) – Allen Stanford, the former Texas billionaire convicted of an $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday.
Stanford, who was convicted of 13 felony counts of fraud and conspiracy and obstruction by a Houston jury in March, used fraudulent certificates of deposit issued by his offshore bank in Antigua to bilk thousands of investors out of their savings.
HOUSTON (Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) board of directors, despite being taken to task by investors for lax oversight of Chief Executive Aubrey McClendon, has changed the company’s bylaws to allow the executive to keep powers he had as chairman.
McClendon, who co-founded Chesapeake, will lose his title as chairman by June 22 after the board and the company’s biggest shareholders approve an independent chairman to replace him. That action was taken after Reuters reported that McClendon arranged for more than $1 billion in financing using his stake in thousands of company wells as collateral.
OKLAHOMA CITY, June 8 (Reuters) – Chesapeake Energy Corp
shareholders delivered a sweeping 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
The company said the two directors — V. Burns Hargis, the president of
Oklahoma State University, and Richard Davidson, a former chief executive
officer of Union Pacific Corp — had tendered their resignations from
the board after winning the backing of just slightly more than a quarter of the
shareholder votes cast.
(Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) annual meeting promises to be raucous, with a vote on executive compensation in the spotlight, but the company’s biggest challenge will be convincing investors it is still a good investment despite the turmoil.
At the insistence of the company’s two largest shareholders, activist Carl Icahn and Mason Hawkins’ Southeastern Asset Management, Chesapeake said on Monday that four directors will resign and be replaced by shareholder representatives. Paul Hodgson, senior research associate at governance firm GMI Ratings expects they will include Richard Davidson and Burns Hargis, two Chesapeake directors up for reelection at Friday’s meeting.
(Reuters) – Top shareholders of Chesapeake Energy Corp (CHK.N: Quote, Profile, Research) on Monday grabbed more control of the nine-member board of directors after a governance crisis and poor financial performance brought intense pressure to reform the natural gas producer.
Chesapeake said it would replace four directors on the nine-member board. Mason Hawkins’s South-eastern Asset Management will get three seats and billionaire Carl Icahn will get one. The selection of a new independent chairman must be approved by the new board members.
June 4 (Reuters) – Top shareholders of Chesapeake Energy
Corp will take control of the board of directors after
the natural gas producer came under intense pressure to reform
following a governance crisis and poor financial performance.
Chesapeake said on Monday it would replace four directors on
the nine-member board, giving Mason Hawkins’s Southeastern Asset
Management three seats and billionaire Carl Icahn one.
HOUSTON/NEW YORK (Reuters) – The head of New York’s state pension fund urged shareholders of Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) to withhold votes to re-elect two members of the natural gas producer’s board.
Chesapeake’s board is under increasing fire from investors who want to see tougher oversight of Chief Executive Officer Aubrey McClendon. The company, in the midst of governance crisis, is also struggling financially as low natural gas prices take a toll.