Chesapeake Energy (CHK -1.2%) shareholders fail to approve a proposal to declassify the...

|About: Chesapeake Energy Corporation (CHK)|By:, SA News Editor

Chesapeake Energy (CHK -1.2%) shareholders fail to approve a proposal to declassify the company's board of directors, a step that would have made it easier to replace the entire board all at once. The board actually had supported a change which would have eliminated the current board structure, where each of the eight directors serves a staggered three-year term.