{"id":12618,"date":"2013-01-29T16:58:14","date_gmt":"2013-01-29T22:58:14","guid":{"rendered":"http:\/\/stateimpact.npr.org\/oklahoma\/?p=12618"},"modified":"2013-01-30T08:24:44","modified_gmt":"2013-01-30T14:24:44","slug":"aubrey-mcclendon-to-retire-as-chesapeake-energy-ceo","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/oklahoma\/2013\/01\/29\/aubrey-mcclendon-to-retire-as-chesapeake-energy-ceo\/","title":{"rendered":"Aubrey McClendon to Retire as Chesapeake Energy CEO"},"content":{"rendered":"
\"\"<\/a><\/p>\n

Chesapeake Energy<\/p>\n

\n<\/div>

Chesapeake Energy CEO Aubrey McClendon will retire April 1, the company announced today.<\/p>

In a statement<\/a>, McClendon cited “philosophical differences” between himself and the company’s new board of directors. McClendon will remain as CEO as the\u00a0Oklahoma\u00a0City natural gas giant<\/a> searches for his successor.<\/p>

Chesapeake recently\u00a0faced a shareholder revolt and board shakeup<\/a> after reports surfaced questioning the intertwined finances<\/a> of McClendon and the company, the\u00a0country’s\u00a0second-largest natural gas producer after Exxon Mobil.<\/p>

<\/p>

Some of Chesapeake’s land purchases have come into question<\/a>, too, and the company’s financial dealings have been the subject of probes by federal and state investigators.<\/p>

Archie W. Dunham, Chairman of Chesapeake’s board, said the results of an\u00a0internal\u00a0investigation into McClendon’s finances and a controversial CEO perk would be released later this month.<\/p>

“The Board\u2019s extensive review to date has not revealed improper conduct by Mr. McClendon,” Dunham said in the statement. “The Board and Mr. McClendon\u2019s decision to commence a search for a new leader is not related to the Board\u2019s pending review of his financing arrangements and other matters.”<\/p>

In an email to Chesapeake employees obtained by StateImpact, Dunham\u00a0reiterated: “The company is not for sale.”<\/p>\n

I would also like to address certain likely points of concern among you. First, the company is not for sale. Second, the board has confirmed the current drilling and completion budget of six billion dollars and is eager to see the exciting recent results of the company\u2019s core of the core development strategy continue. Lastly, the board and management believe strongly in the culture of excellence at Chesapeake and are committed to seeing this culture thrive in the future. The Board has no intention of eliminating childcare, shutting down the Fitness Center, or selling the Company cafeterias.<\/p><\/blockquote>

The Oklahoman<\/em> has posted a copy of Dunham’s email<\/a> to Chesapeake employees.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chesapeake Energy CEO Aubrey McClendon will retire April 1, the company announced today.In a statement, McClendon cited “philosophical differences” between himself and the company’s new board of directors. McClendon will remain as CEO as the\u00a0Oklahoma\u00a0City natural gas giant searches for his successor.Chesapeake recently\u00a0faced a shareholder revolt and board shakeup after reports surfaced questioning the intertwined […]<\/p>\n","protected":false},"author":36,"featured_media":5903,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[490],"tags":[275,238],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/12618"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/comments?post=12618"}],"version-history":[{"count":1,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/12618\/revisions"}],"predecessor-version":[{"id":12627,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/12618\/revisions\/12627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media\/5903"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media?parent=12618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/categories?post=12618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/tags?post=12618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}