Chesapeake Cuts Pay, Jet Travel For Board

BY DANIEL GILBERT AND JOANN S. LUBLIN

Chesapeake Energy Corp. said Friday its board members will take a 20% pay cut and no longer have personal use of company aircraft, the latest move by the embattled natural-gas company to placate critics of its compensation and board oversight practices.

Meanwhile, Chesapeake directors are actively recruiting several prospects to become the company’s independent chairman, a person familiar with the situation said Friday.

“They have a couple people in mind” who the board members are approaching without using a search firm, the person said. “They will know in the next week or so if that is going to pan out.” …

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