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Economy and Business


McClendon is stepping down as head of Chesapeake Energy
Chesapeake was among the biggest of the drillers cashing in on Ohio's shale-drilling boon
by WKSU's TIM RUDELL


Reporter
Tim Rudell
 

The highest-profile company in Ohio’s shale gas boom, Chesapeake Energy, is changing its highest profile player. 

Chesapeake’s CEO and co-founder, Aubrey McClendon, has agreed to retire in April.  McClendon has been under fire since last spring, when questions arose about his personal financial arrangements with the company.  Later in 2012, he stepped down as chairman of the board, but stayed on as CEO. 

Now, the company says the 53-year-old McClendon has agreed to a request from the Board of Directors that he retire.  A company press release insists the move is not related to the board’s ongoing investigation of McClendon’s financial dealings, and indicated that the probe has found no wrong-doing on McClendon’s part.  It said simply that the board and McClendon agreed it is time for new leadership.

McClendon help create Tulsa-based Chesapeake Energy in 1989 and led it become second largest gas exploration and development company in the U.S.

The company say McClendon said he will stay on as CEO until April 1 to help recruit his successor and transition management.  

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