Director: Chesapeake to make board changes ‘soon’
Former U.S. Sen. Don Nickles declined Tuesday to discuss his future as a member of Chesapeake Energy Corp.’s board of directors, but he predicted an announcement would come “pretty soon.”
The board is searching for a new chairman to replace co-founder and CEO Aubrey McClendon amid questions about Chesapeake’s corporate governance. The company announced last week it would replace four of its directors by June 22 with representatives of its two largest shareholders, Southeastern Asset Management and activist billionaire Carl Icahn.
Nickles, who owns a lobbying firm in Washington, told The Oklahoman’s Washington bureau that he couldn’t talk about his own future. He also declined to make other comments about the board and its makeup until the company announces changes expected later this month.
Nickles was on Capitol Hill to testify before the Senate Finance Committee, on which he once served, about how federal tax reform could affect the oil and gas industry.
Nickles, who also serves on the board of Valero Energy, said his company represents ExxonMobil, Anadarko Petroleum, National Oilwell Varco and other energy-related companies.
National Oilwell Varco’s CEO is Merrill A. “Pete” Miller Jr., another member of Chesapeake’s nine-person board.
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I am sure there are a lot of people who love to see successful people fail. That is the dark side of human nature; however, Aubrey McClendon is a rare individual with big vision and who makes things happen in a big way. Yes, the company needs accountability and oversight, but don’t kill the vision. This is a rare quality in people these days. OKC and many others would not have benefitted as they have without him. We need men with guts like this – especially in the White House.