NEW YORK (AP) —
Chesapeake Energy shares are climbing in anticipation that prominent
investors will force changes to the natural gas giant's board of
directors.
Investors are worried about growing debts at Chesapeake
following a plunge in natural gas prices. They're also frustrated with
founder Aubrey McClendon, who has been at the center of several recent
corporate governance controversies.
Late last week, billionaire
investor Carl Icahn called for an overhaul of Chesapeake's board. New
York State Comptroller Thomas DiNapoli seconded the call on Tuesday.
DiNapoli is the trustee of a retirement fund that owns Chesapeake
shares.
Those calls are expected to be addressed at a shareholder meeting on June 8.
Shares of Chesapeake added 20 cents, or 1.3 percent to $16.01 in afternoon trading. Shares had risen 7 percent earlier.
Copyright 2012 The Associated Press.