At Chesapeake Energy, the board giveth and the board taketh away. On Tuesday, its decision to remove the role of chairman from controversial Chief Executive Aubrey McClendon prompted a 6.3% jump in the stock price. Unfortunately, results released later that day showed the board also presided over a dreadful first quarter, and the stock slumped more than 13% Wednesday morning.

Mr. McClendon's travails don't help, but Chesapeake's central problem is leverage, both in terms of debt and exposure to natural-gas prices.

The...