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Chesapeake To Strip CEO Of Chairmanship, Halt Well Deals-Bloomberg

|Includes:Chesapeake Energy Corporation (CHK)

While I'm happy to see that the board has taken some action and has split the Chairman and CEO roles, I don't think this action went far enough. McClendon has abused his power to an extreme extent and I think that it would be in shareholder best interests if he were to step down. Chesapeake (NYSE:CHK) has wonderful assets that might fit better in a more diversified major producer, as any capital moves the company makes with natural gas prices this low are likely to be damaging to shareholders.

Disclosure: I am long CHK.

Stocks: CHK