NEW YORK (AP) - NEW CHAIRMAN: Chesapeake Energy Corp. named a new chairman of the board to replace controversial founder Aubrey McClendon. The move follows a series of corporate governance issues. It also named four new board directors.

EXPERIENCE MATTERS: The new chairman, Archie Dunham, is a veteran of the energy industry and a former CEO of Conoco. He has no prior relationship with Chesapeake.

INVESTORS REACT: Chesapeake's top investors were happy with the changes to the board. Shareholders had criticized the way Chesapeake compensated McClendon and have called for better oversight of the company. They're also concerned about the company's huge debts and aggressive spending plans.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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