Chesapeake CEO Exit Said to Follow Push From Icahn, Southeastern
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Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon was forced to leave the second-largest U.S. natural gas producer under pressure from his two biggest shareholders, said a person with knowledge of the matter.
McClendon will retire from the company he co-founded on April 1 and will serve as CEO until his successor is appointed, Oklahoma City-based Chesapeake said today in a statement. Chesapeake, which lost as much as 43 percent of its market value last year after a corporate cash crunch, rose 8.9 percent to $20.66 at 7:27 p.m., after the close of regular trading in New York.