Carl Icahn Heavily Reduced His Stake In This Energy Company

Chesapeake Energy Corp has been having a rough couple of weeks. Carl Icahn cut more than half of his stake in the natural gas producer last week. The company then announced on Tuesday that two directors, including a representative of Icahn, have resigned.

According to the company, the resignations of Icahn representative Vincent Intrieri, along with John Lipinski, board members since June 2012 and June 2014 respectively, were not due to any disagreements.

The company did not offer a specific reason as to why the two have stepped down.

Icahn reduced his stake in the company by 51.6 percent to 4.55 percent, citing tax-planning purposes.

Disclaimer: We have no position in Chesapeake Energy Corporation (NYSE: CHK) and have not been compensated for this article.