Chesapeake Executive Dixon Among Four Leaving Company, CEO Says

Chesapeake Energy Corp. (CHK) said Chief Operating Officer Steve Dixon and three other top executives are leaving as part of a reorganization of the leadership of the second largest producer of natural gas in the U.S.

Dixon, who joined Chesapeake in 1991, had served as interim chief executive officer in April while the Oklahoma City-based company searched for a permanent replacement for ousted co-founder Aubrey McClendon. Doug Lawler, who became CEO in May, informed employees about the departures today in a memo.

Jeff Fisher, executive vice president of production; Steve Miller, senior vice president of drilling; and Martha Burger, senior vice president of human and corporate resources are also leaving, according to the memo. Dixon had been COO since 2006.

“This restructuring will position Chesapeake to be more competitive and focused, and it will further our strategies of financial discipline and profitable and efficient growth from captured resources,” Lawler said in the memo.

McClendon stepped down after a shareholder revolt by Carl Icahn and Southeastern Asset Management Inc. A board inquiry into McClendon’s use of personal stakes in company-owned wells to obtain more than $800 million in private loans cleared him of any intentional wrongdoing in February.

Chesapeake produces more U.S. gas than any explorer except Exxon Mobil Corp. (XOM)

To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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