Chesapeake to Strip CEO of Chairmanship, Halt Well Deals
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Chesapeake Energy Corp. will name an independent chairman to replace Aubrey McClendon and halt an incentive program that allowed the chief executive officer to amass personal stakes in thousands of company-operated wells.
McClendon agreed to a board request to terminate the so-called Founder Well Participation Program in June 2014, 18 months early, without additional compensation, according to a release today. McClendon will retain the CEO position and won’t relinquish any of the well stakes he acquired during the past 23 years, Michael Kehs, a Chesapeake spokesman, said today in an e-mailed statement.