Chesapeake Overhauls Board

By DANIEL GILBERT, JOANN S. LUBLIN and RUSSELL GOLD

Updated June 21, 2012, 5:45 p.m. ET

Chesapeake Energy Corp. chose former Conoco Inc. Chief Executive Archie W. Dunham to head its retooled board of directors, as the embattled natural-gas giant made good on a pledge to change its leadership in response to intense shareholder pressure.

Chesapeake Energy appointed Archie W. Dunham, the former chairman of ConocoPhillips, as its new independent chairman, along with naming four new independent directors. Liam Denning reports on Markets Hub. Photo: AP.

In selecting Mr. Dunham, Chesapeake is handing the reins to a seasoned energy executive and a veteran corporate director as it weathers a liquidity crisis and governance controversies. Mr. Dunham was also born and raised in Oklahoma, ensuring that Chesapeake, which has emerged as a major business and civic force in Oklahoma City, will continue to be run by natives of the state.

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