Chesapeake Energy Corp. exonerated co-founder and outgoing Chief Executive Officer Aubrey McClendon for privately borrowing hundreds of millions of dollars from some of the company’s biggest financiers.
The review found no intentional misconduct on the part of McClendon, the Oklahoma City-based oil and natural gas explorer said in a statement today. The findings, announced three weeks after McClendon agreed to resign from the company he led for almost a quarter century, was the culmination of a 10-month probe by the board into the CEO’s use of minority stakes in Chesapeake-owned wells as collateral for private loans.
