According to Bloomberg, Chesapeake Energy's board is inching closer to selecting who the company's new independent chairman will be.
"We're getting close, I hope," Don Nickles, a member of Chesapeake's board and former U.S. Senator from Oklahoma told reporters after a hearing in Washington. "We were trying to get it done before our annual meeting. We didn't quite get it done, but we were close."
Chesapeake held its annual meeting on Friday. At the meeting, shareholders rejected the re-election of board members Burns Hargis and Richard Davidson, who have since tendered their resignations.
Chesapeake Energy has been rife with challenges and controversy over the past few months. Here are the stories to catch you up:
3/25/12 Aubrey McClendon quietly mortgaging his stake in West Virginia leases.
4/24/12 Chesapeake Energy shareholders irate over loans by McClendon.
5/1/12 Chespeake Energy's CEO Aubrey McClendon to step down.
5/10/12 Aubrey McClendon mortgaging West Virginia land poorly suited for drilling.
5/14/12 Aubrey McClendon said his firm will temper land grabs and focus on shale acreage like that in Appalachia that comes loaded with lucrative natural-gas liquids and oil.
5/31/12 Chesapeake Energy's depressed valuation is making the company a potential target for acquirers willing to bet that natural-gas prices will rebound from a decade low.
6/5/12 Chesapeake Energy ceded to shareholder demands and announced plans to replace four board members with directors approved by some of the gas firm's most vocal critics.
6/7/12 In an effort to help its debt-ridden balance sheet, Chesapeake has put more than 337,000 acres across 19 eastern Ohio counties up for sale -- about one-fourth of the company's total Utica holdings.