NYS Comptroller DiNapoli Letter: Chesapeake Needs New Board

Anti-drilling New York State Comptroller Thomas DiNapoli is once again going after Chesapeake Energy. Like many Democrats, he’s not one to waste a good crisis. You may recall that DiNapoli previously scolded Chesapeake over its Founders Well Participation Program (FWPP) that allowed CEO Aubrey McClendon, the guy who founded the company, to participate in each well drilled, with up to 2.5 percent ownership (see this MDN story).

Now that the board has rescinded the FWPP program after next year, DiNapoli needs something else to target, so he’s lobbying to have a new board of directors installed and sent an open letter to shareholders calling for just that (see the letter embedded below).

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