He bought stake in the company earlier this month.
After being rumored to have bought stock in Chesapeake Energy, investor Carl Ichan has revealed he owns a little more than 50 million shares of Chesapeake stock or 7.5 percent stake in the company.
Ichan has sent a letter to Chesapeake's board of directors calling on them to immediately replace four board members.
Ichan's letter also says along with the company's funding gap, there is a credibility gap as well.
Chesapeake says it's reviewing Ichan's letter.