The replacement of the Chesapeake Energy (NYSE: CHK) board members continued rapidly. Board member Donald L. Nickles, a former US Senator from Oklahoma–the energy company’s home state–said the board is close to naming a new non-executive chairman. Why Nickles is on the board, or was elected in the first place is mystery. He has no qualifications other than his political connections.
A change in the board composition comes awfully late for a company which is being investigated for its CEO’s business dealings and the conduct of the old board. New members could force out CEO Aubrey McClendon. Finding a solid replacement in a short period will be difficult, which means the firm’s troubles are far from over.
Douglas A. McIntyre