Chesapeake cuts outside directors' pay

Fri May 18, 2012 4:09pm EDT

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May 18 (Reuters) - Chesapeake Energy Corp reduced the compensation for its outside directors by 20 percent and elimated their use of its aircraft for personal travel, the company said on Friday.

The natural gas producer said its outside directors will receive total annual compensation of $350,000, comprised of a $100,000 cash component and a $250,000 equity component.

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