| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Chesapeake's embattled CEO McClendon to retire

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Tuesday, Jan. 29, 2013, 5:52 p.m.

Embattled Chesapeake Energy Corp. founder and CEO Aubrey McClendon will retire on April 1.

McClendon will step down even though Chesapeake says a review of his business dealings has not revealed improper conduct.

Chesapeake Chairman Archie Dunham said in a statement the company needs a new leader to help develop the oil and gas assets the company has amassed under McClendon.

McClendon, 53, founded the company 24 years ago and pushed it to acquire drilling rights to huge amounts of land. The strategy landed the company promising assets — and enormous debt. A plan that allowed McClendon to invest personally in the company's wells came under renewed scrutiny last year, and he was forced to step aside as board chairman.

Chesapeake shares rose 9 percent in after-hours trading.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Fed slashes its emergency power options in crisis
  2. Demand for surveillance systems boosts sales for Vector Security
  3. Yahoo investors losing patience with ‘star’ CEO Marissa Mayer
  4. IMF adds China’s yuan to basket of top currencies
  5. Distractions can help keep riders alert in self-driving cars, study finds
  6. Western Pa. conference aims to connect veterans with businesses with contracting experts, specialists
  7. Cyber Monday increasingly a ‘blah-iday’ as deals rolled out earlier, longer
  8. U.S. steel producers oppose WTO’s reclassification of China as market economy
  9. Stocks dip on lower holiday spending fears