Chesapeake Energy Corp. shares are crashing after one of Carl Icahn’s reps resigned from the board.
The energy company is down by 8.7% at $6.045 per share as of 10:47 a.m. ET.
Earlier on Tuesday, the company announced that two board directors resigned on the previous day, according to Reuters.
One of those board directors, Vincent Intrieri, was a representative of activist investor Carl Icahn. According to Reuters, he “has served as senior managing director of Icahn Capital LP, was on Chesapeake’s board since June 2012, when Icahn asked to replace at least four directors and revealed a stake in the company.”
Notably, this comes one week after Icahn slashed his stake in the company to 4.6% from 9.4% — a cut of over 50% — for “tax planning purposes.”