NEW YORK, NY — “Chesapeake Energy Corp will find an independent, non-executive chairman to replace current Chairman Aubrey McClendon, who will retain his position as chief executive of the natural gas producer, the company said on Tuesday.
McClendon, who is Chesapeake’s founder, also agreed to an early end to a controversial program that grants him minority stakes in Chesapeake’s wells, a perk that had sparked investor anger and inquiries from federal regulatory and tax agencies.
…The move came less than two weeks after Reuters reported that McClendon had taken out as much as $1.1 billion in personal loans using his well stakes as collateral, an arrangement that analysts said posed potentially serious conflicts of interest.”
— Matt Daily, Ernest Scheyder, Michael Erman, Anna Driver and Brian Grow, Reuters
Read the whole story: http://www.reuters.com/article/2012/05/01/us-chesapeake-mcclendon-idUSBRE8400RI20120501