Billionaire investor buys Chesapeake stake

Carl Icahn, a billionaire investor, bought a 7.6 percent stake in Chesapeake Energy and called for the company to replace at least four directors due to failures in managerial oversight, Reuters reports (See the May 08, 2012, blog – "Top Chesapeake Energy investor wants the company to consider selling itself whole"). Two of the board seats will be for his own representatives, while the other two will be reserved for another large shareholder, the article said.