Chesapeake Energy Corporation (NYSE:CHK) seems to have perpetually mounted its flag in the front yard of leading media houses. The energy heavyweight has yet again made the headlines following dramatic board shake ups. It has now been made clear that billionaire board member Carl Icahn will step aside and let Vincent Intrieri, his representative, partake in the high profile round table meetings. Mr. Icahn, who currently owns 7.6% of Chesapeake shares, steps aside for a 55 year old Intrieri amid mounting pressure from discontented shareholders.
Was Intrieri unknowingly being prepared for the big job? Although uncertain, there is a possibility that Intrieri’s appearance in the June 8th Chesapeake Energy Corporation (NYSE:CHK) annual meeting was a preparation for big things to come. After all, Intrieri has experience and will add value to the Chesapeake board. He has been the senior managing director at Icahn Capital LP for 8 years.
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It has also been noted that Intrieri rallied a lot of enthusiasm during the June 8th annual meeting. The climax of his speech came at the point where he acknowledged Chesapeake Energy Corporation (NYSE:CHK) CEO, Aubrey McClendon. Intrieri exclaimed that McClendon welled with entrepreneurial prowess nonetheless highlighting that even standout entrepreneurs needed oversight.
Mason Hakin’s Southeastern Asset Management, another big Chesapeake investor, will also get three positions in the revamped nine-member board. This will bring a total of four positions allocated to Icahn and Southeastern Asset Management. Details on Southeastern Asset Management are still somewhat sketchy. Notwithstanding, conclusive details such as names should be out on Friday, or earlier, depending on the tempo of operations.