Chesapeake Energy CEO McClendon Will Step Down As Chairman

kate upton aubrey mcclendonAubrey McClendon with relative Kate Upton

Photo: The Lost Ogle

Chesapeake Energy CEO Aubrey McClendon will step down as chairman but stay on as CEO, the company announced this morning.The Board will name an independent, non-executive chairman.

Shares are surging early in today’s trading session.

McClendon will receive no compensation in connection with the early termination of the controversial Founder Well Participation Program.

“I am completely supportive of the Board’s plans to separate the positions of Chairman and CEO and to bring an independent Chairman onto the Board,” McClendon said. “This action reflects our determination to uphold strong corporate governance standards and will also enable me to focus my full time and attention on execution of the company’s strategy, the implementation of our transformation into a major oil producer and the completion of our asset monetization and joint venture objectives.”

SEE MORE: The Fabulous Life of Aubrey McClendon

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