Chesapeake Energy's CEO gives up the chairman's job |
| USAToday - May 1, 2012 |
Aubrey McClendon said Tuesday he's giving up the chairmanship of Chesapeake Energy (CHK) after shareholder complaints that his personal business interests could conflict with those of the company he runs.
The Chesapeake founder will remain CEO. The company's board said it's searching for a non-executive chairman.
As part of his compensation package, McClendon was allowed to buy stakes in the oil and gas company's wells. Investors have long complained about the program and the freedom Chesapeake's board allowed McClendon to pursue his personal interests.
Those complaints intensified last month following reports that McClendon took out more than $1 billion in loans to pay for his stake in the wells. He got the money from a group that Chesapeake was negotiating to sell assets to. That raised concerns that McClendon's private dealings with the group could have influenced Chesapeake's decision to sell those assets.
Read Full Article from USAToday
- Posted: 2012-05-01 11:17:28
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
