For the first time in the company's 24-year history, OKC based Chesapeake Energy held its annual meeting without co-founder Aubrey McClendon who left the company as part of a major overhaul.
9 Investigates' Alex Cameron watched the meeting via closed circuit feed.
A year ago, McClendon and Chesapeake's board were under fire for a range of corporate governance issues, some of which are still under investigation. However, much of the shareholder concern has been replaced by optimism and praise. Here's why…
The majority of the board is new blood; 7 of 8 directors replaced. A new, independent Board Chairman, Archie Dunham, and new CEO, Doug Lawler. An end to several controversial perks, including the very controversial Founder Well program, which allowed McClendon and Tom Ward to claim a stake in every well the company drilled.
As for the company's business outlook, they say the 'asset capture' phase is now behind them and it's now all about 'value realization'. The company is cutting costs and trying to be more responsive to shareholders.
One of Chesapeake's very activist shareholders summed it up nicely, saying he left last year's meeting feeling disgusted. But this year feels 'pretty good' about the direction the company's taken, drawing applause from the crowd.