McClendon Steps Down as Cheif Executive of Chesapeake

[Seabastian.Smith]

Chesapeake has announced that its Chief Exec, Aubrey McClendon will be leaving the company on April 1st.

McClendon co-founded the company in 1989, and was stripped of his title as chairman last year after he had used company assets to secure private loans.

[CythSmal]

McClendon will probably leave quite happy with himself. He made himself the highest paid CEO in the US, helping to turn him into a billionaire, and managed to get away virtually scott free after seriously exploiting his position in Chesapeake for years for personal gain.

He will now leave the company on his won terms to enjoy a wealthy retirement, leaving behind him a company in tatters, and a natural gas industry that has been ruined by his improper governance of Chesapeake and its drilling operations.