Chesapeake’s McClendon Loses Bonus Amid Investor Blame: Energy
This article is for subscribers only.
Chesapeake Energy Corp.’s board withheld Chief Executive Officer Aubrey McClendon’s annual bonus after investors criticized the performance and management of the second-biggest U.S. natural gas producer.
The board cut 2012 incentive compensation “substantially” for executives and reduced perks, the Oklahoma City-based driller said yesterday in a filing. Directors agreed to develop annual and long-term incentive compensation plans to tie pay to performance. The stock slid 25 percent in 2012 as the S&P 500 Oil & Gas Exploration & Production index rose 2.1 percent.