Chesapeake announced that its board of directors has extended an invitation to Louis A. Simpson to join the Chesapeake Board of Directors. Mr. Simpson has accepted Chesapeake's invitation and will fill the vacancy created by the retirement of Mr. Frederick B. Whittemore, the final nonexecutive member of Chesapeake's 1992 founding board of directors, at the annual meeting of shareholders scheduled for June 10, 2011 in Oklahoma City, Oklahoma.
Currently, Mr. Simpson is the Chairman of SQ Advisors. Mr. Simpson served as President and Chief Executive Officer, Capital Operations, of GEICO Corporation (a subsidiary of Berkshire Hathaway Corporation) from May 1993 until his retirement on December 31, 2010.
Aubrey K. McClendon said of Mr. Simpson's intention to join Chesapeake's Board of Directors, "In recent conversations with our largest shareholder, Southeastern Asset Management of Memphis, Tennessee, Lou's name surfaced as a potential addition to our Board upon Fred Whittemore's retirement this coming June. I had met Lou previously and now our Board has met him as well and we are extremely honored to have Lou accept the invitation to join Chesapeake's board. I believe his long and distinguished experience as one of our nation's most accomplished investors will be of substantial benefit to Chesapeake, our board and our shareholders. Lou not only offers a unique blend of professional experiences, accomplishments and skills that will help Chesapeake to continue building very significant intrinsic value per share, but also he and his family are already significant shareholders."
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