Chesapeake Energy Corp. shares are crashing after one of Carl Icahn's reps resigned from the board.

The energy company was down by 8.7% at $6.045 a share as of 10:47 a.m. ET.

Earlier on Tuesday, the company announced that two members of its board of directors had resigned on Monday, according to Reuters.

One of those board members, Vincent Intrieri, was a representative of activist investor Carl Icahn. According to Reuters, Intrieri "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."

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."

(Investing.com)

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