Chesapeake Energy Corp said on Thursday its board named former ConocoPhillips Chairman Archie Dunham as its new chairman, to replace Chief Executive Aubrey McClendon in the position.

Chesapeake said four other independent directors were added to its board. Its largest shareholder, Southeastern Asset Management, had proposed Bob G. Alexander, R. Brad Martin and Frederic M. Poses as new board members, while activist investor Carl Icahn had proposed adding Vincent J. Intrieri.