Photo: JimCramerPicks via YouTube
Jim Cramer believes Chesapeake Energy’s board needs to address CEO Aubrey McClendon’s purported conflicts of interest much more aggressively.In an interview with The Street, Cramer said Chesapeake’s board needs to appoint an independent investigative body.
“What I would do if I were the board is I would say, ‘Listen, we’re turning this over to this law firm or special committee of directors that are just going to be on this,’ and say ‘we’re going to get to the bottom of this and treat it like the cancer it is.’ “
Recent reports of McClendon’s transactions that involved personal well stakes led to his getting stripped of his chairmanship.
Cramer also said Chesapeake should begin selling off assets to resolve its debt issues. The Wall Street Journal reported this week that the country’s second-largest natural gas producer had $1.4 billion in off-balance-sheet debt.
“I think the Koreans and the Chinese want it,” he said. “I think that can save Chesapeake.”