OSU President Resigns From Chesapeake Energy Board

Chesapeake Energy's Board of Directors has accepted the resignation of board member Burns Hargis, the president of Oklahoma State University.

The resignation is effective immediately. Louis Raspino was selected to replace Hargis, and was also appointed chairman of the audit committee.

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In June 2012, Chesapeake shareholders rejected Hargis' re-election. Hargis tried to tender his resignation following the June 8 annual meeting, but the board did not accept it at that time. He stayed on as head of the audit committee to complete a review of outgoing CEO Aubrey McClendon's finances.

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Board Chairman Archie Dunham said Hargis' hard work has been appreciated.

"Over the past several months, I have admired Burns' unselfish service on our board," Dunham said. "He has willingly invested his time, talents and expertise for the sole purpose of helping make Chesapeake successful. We are grateful to Burns for remaining on the board to see several important assignments through to completion."

Chesapeake History Timeline

Hargis was originally appointed to the board in September 2008. He said he believes now is the right time to move on.

"With the completion of my final assignment, it is the appropriate time for me to step aside. I will always count it a privilege to have served on Chesapeake's board," Hargis said.