Chesapeake’s embattled CEO McClendon to retire

01/29/2013 4:53 PM

01/29/2013 4:54 PM

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.

Wichita Top Jobs

View All Top Jobs

Join the Discussion

The Wichita Eagle is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service