Reuters: Private Equity: UPDATE 1-Chesapeake shareholder Dreman wants McClendon out

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UPDATE 1-Chesapeake shareholder Dreman wants McClendon out Jun 8th 2012, 15:00 Fri Jun 8, 2012 11:00am EDT June 8 (Reuters) - David Dreman, whose investment company owns about 1 million shares in embattled natural gas producer Chesapeake Energy Corp, said on Friday that Chesapeake Chief Executive Aubrey McClendon should either resign or be fired by the company's new board. "When you see all the things that Aubrey McClendon has done in the past years in increasing numbers, I don't think as talented as he is he should be a member of Chesapeake anymore," Dreman told CNBC. "I think he should be - either resign or be fired by the reconstructed board." Dreman, chairman of Dreman Value Management LLP, also said, "I wouldn't buy any more stock at this point." McClendon has come under scrutiny since Reuters reported on April 18 publicized that he had borrowed $1.5 billion against stakes he received in wells drilled by Chesapeake. In a Reuters story on June 7 that addressed McClendon's mingling of corporate and personal financial interests, Dreman was quoted as saying, "I think McClendon should go." "We knew bits and pieces, but when you put the story together, I think in the last six weeks or so, we know an awful lot more," Dreman told CNBC, adding that the company is "struggling" with billions of dollars of debt. Chesapeake's annual meeting with shareholders takes place on Friday at the company's grounds in Oklahoma City.

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