April 18 | Wed Apr 18, 2012 4:11pm EDT
April 18 (Reuters) - Chesapeake Energy Corp's management and board of directors should be "cleaned up" to eliminate any appearance that Chief Executive Officer Aubrey McClendon has a conflict of interest, a major shareholder in the company said on Wednesday.
A Reuters report that Chief Executive Aubrey McClendon borrowed as much as $1.1 billion over the last three years against his stake in thousands of company wells helped push the shares down. They closed down 5.5 percent at $18.06 per share.
"I think the company has to be more professional," said David Dreman, chairman of Dreman Value Management LLP, which owns about 1 million shares of the company.
"I think that the whole management and the board of directors has to be cleaned up. We're obviously very unhappy with the situation as it is now."
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