Shares of Cheasapeake Energy Corp. (NYSE: CHK) rose Monday in premarket trading after the nation's No. 2 natural gas producers said it was replacing four of its independent directors after consultations with the company's two largest shareholders, Southeastern Asset Management and Carl C. Icahn.
Three of the new directors will be proposed by Southeastern, which holds 13.6 percent of the Oklahoma City company, and the fourth will be proposed by Icahn, who holds a 7.6 percent. Aubrey K. McClendon, who helped the company, will remain as CEO and a director.
Shares rose 42 cents, or 2.7 percent, to $15.58 in premarket trading.