TribLIVE

| Business


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

Chesapeake's embattled CEO McClendon to retire

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. Bayer to spin off plastics unit as separate company; employment to remain stable
  2. Chevron gets first OK from Pa. sustainable drilling group
  3. U.S. Steel shares jump on turnaround strategy
  4. Consol, Noble expect at least $325 million from partnership’s IPO
  5. Bayer plastics unit may be gone
  6. Investors applaud central bank’s decision
  7. Budweiser’s parent firm wants to buy Miller’s parent company
  8. UPMC buying New Castle-based Jameson Health System
  9. Congress: Safety agency mishandled GM recall
  10. Fed not budging on rate increase
Subscribe today! Click here for our subscription offers.