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Chesapeake Director’s Firm Paid $343 Million Amid Ties: Energy

Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.

The board’s history of close ties to McClendon, of being paid more than directors at similarly sized energy companies and of rewarding the CEO even as Chesapeake plunged in value may hinder its ability to oversee a turnaround of the company.