TribLIVE

| Business


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

Chesapeake's embattled CEO McClendon to retire

Daily Photo Galleries

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Amazon.com distribution center planned for Pittsburgh’s West End
  2. Smartphone coupons just one way stores aim to increase spontaneous buys
  3. GM profit 2Q falls 85% on recall costs
  4. Latrobe’s Ci Medical Technologies transforms to medical device business
  5. Wesco posts higher profit, lowers full year outlook
  6. Chrysler recalls up to 792K Jeep SUVs for ignition switch defect
Subscribe today! Click here for our subscription offers.