Chesapeake to name nonexecutive chairman; McClendon continues as CEO

05/07/2012
Chesapeake Energy Corp. said its board will name an independent, nonexecutive chairman, as well as renegotiate the terms of the company's Founder Well Participation Program (FWPP) with Chairman and Chief Executive Officer Aubrey K. McClendon. The FWPP now is set to expire June 30, 2014, which is 18 months before the end of its original term on Dec. 31, 2015. McClendon will receive no compensation of any kind for the FWPP early termination, the board said. McClendon will continue as chief executive officer. He indicated his support of the board's decision to name a nonexecutive chairman. "We believe separation of the chairman and chief executive officer roles will improve Chesapeake's...
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