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Chesapeake loses, gains board member

 

A. Lee Graham

lgraham@bizpress.net

Chesapeake Energy Corp.’s board of directors has accepted the resignation of director Louis A. Simpson.
Elected to fill Simpson’s seat and appointed to the company’s audit committee is Thomas L. Ryan, president and CEO of Service Corp. International.
Ryan will stand for election at Chesapeake’s 2013 annual shareholders meeting on June 14. Ryan succeeds R. Brad Martin on the audit committee, with Martin becoming chairman of the nominating, corporate governance and social responsibility committee.
“The board has greatly appreciated and benefited from Lou’s service to Chesapeake over the past two years,” said board Chairman Archie Dunham, commenting in a news release.
Simpson was elected to the board in June 2011 and has chaired the nominating, corporate governance and social responsibility committee since the 2012 annual meeting of shareholders.
“Lou has made significant contributions to strengthening Chesapeake’s corporate governance,” Dunham said. “We wish him the very best as he leaves the board to pursue his business interests.”
Ryan was recommended by the company’s largest shareholder, Southeastern Asset Management, to succeed Simpson on Chesapeake’s board, Dunham said.
“With his extensive management experience and financial expertise in running a leading North American public company, Tom will be a great addition to our audit committee and a terrific resource for our board and management team,” Dunham said.
“We are pleased to welcome Tom and are confident that his insight and experience will benefit the company and all of our shareholders,” Dunham said.
Ryan called his newest role a privilege.
“I look forward to learning more about Chesapeake’s world-class assets, which clearly have tremendous potential for future value creation,” Ryan said.
Ryan has been CEO of Service Corp. International since 2005 and has served as its president since 2002. He served several financial-management roles with the company between 1996 and 2000. Before joining SCI, Ryan served eight years as a certified public accountant with Coopers & Lybrand LLP.
Chesapeake Energy Corp., the second-largest natural gas producer behind Irving-based Exxon Mobil Corp. and whose interests include North Texas’ Barnett Shale, focuses on discovering and developing unconventional natural gas and oil fields onshore in the U.S. More information is available at www.chk.com.
 

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