Chesapeake's embattled CEO McClendon to retire
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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Falling demand for steel not likely to reverse any time soon
- Energy Department OKs loan of $259M to Alcoa to promote clean energy
- Tourists rush to visit Cuba before American influence felt
- Credit card use reflects confidence, flat wages
- Dow Chemical, Olin in $5B cash-and-stock deal
- Aggressive drivers to face Progressive surcharges
- Heinz merging with Kraft in mega-deal; headquarters to stay in Pittsburgh
- Pa. Gas & Electric agrees to $6.8 million settlement of polar vortex claims
- Economy in steady, but poky expansion
- Drillers’ new techniques, experience cut well costs, boost yields
- Reliable family car feels upscale