Chesapeake Energy updates board

Chesapeake Energy board member Hargis resigns; Raspino to fill his spot

Associated Press

OKLAHOMA CITY (AP) -- Chesapeake Energy Corp. said Thursday that V. Burns Hargis has resigned from its board and Louis A. Raspino has been elected to fill the vacancy.

Hargis had served on the board of the Oklahoma City-based oil and gas company since 2008 and said that it was the appropriate time to step aside.

Raspino worked most recently as president and CEO of oil and gas drilling company Pride International Inc., until Pride's combination with Ensco PLC in May 2011.

Raspino serves on the boards of two other public companies, Dresser Rand Corp. and Forum Energy Technologies.

He has been appointed chairman of the audit committee at Chesapeake Energy and will stand for election at the 2013 annual meeting of shareholders in June.

Chesapeake Energy disclosed recently that it and its outgoing CEO Aubrey McClendon are being investigated by the Securities and Exchange Commission about a perk that has allowed McClendon to invest personally in the company's oil and gas wells. The SEC is looking into a deal that McClendon, who founded Chesapeake in 1989, has long had with the company that allows him to invest personally in the oil and gas wells the company drills.

Last month the company said that it found the deals did not benefit McClendon improperly or cost the company more.

McClendon was stripped of his role as chairman in May. In January, Chesapeake announced McClendon would leave the company April 1 amid philosophical differences.

Chesapeake Energy shares rose a penny to $19.76 in morning trading Thursday. They have traded in a 52-week range of $13.32 to $26.09.

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