From the frying pan into the fire? Will the new Chesapeake board be truly independent?

By Jon Masters

We wonder if the Chesapeake board will become more independent or if they are simply shifting control from CEO to its two largest shareholders. Chesapeake announced on Monday that four of its nine directors will step down and be replaced by directors proposed by Southeastern Asset Management and Carl Icahn. Directors are charged with looking out for the interests of all stockholders not just those who put them on the board. It will be interesting to watch the new board come together.

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