Chesapeake 'reviewing' executive pay

Chesapeake review: Board discloses compensation review

AP/Scanpix

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News Wires

 03 October 2012 21:47 GMT

Chesapeake Energy extended employment contracts with certain executives through the end of the year as its board of directors reviews the oil and gas company's compensation practices, according to a regulatory filing on Wednesday.

Two of Chesapeake's largest shareholders, Carl Icahn and Mason Hawkins, hand-picked four directors and a new independent chairman in June following a series of Reuters investigations detailing potential conflicts of interest by chief executive Aubrey McClendon, the news wire reported.

The filing provides a first hint that the so-far silent nine-member board under independent chairman Archie Dunham are taking action, Reuters said.

The directors, who are probing McClendon's potential conflicts, are also charged with shoring up the finances of Chesapeake.

The Oklahoma City, Oklahoma company has been selling assets and plans to reduce…

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