Chesapeake Replace McClendon with Ex-Conoco Chief as Chairman

Aubrey McClendon is the co-founder, chief executive officer, and chairman of Chesapeake Energy Corp., the second largest natural gas producer in the US. However, since Reuters released a report back in April 2012 which revealed that McClendon had taken out more than $1 billion in personal loans, using Chesapeake’s assets as collateral, shareholders have been in revolt, demanding that he step down.

Chesapeake has now removed Aubrey McClendon as chairman of the board and announced Archie Dunham, the former head of Conoco, as their new chairman. This move was made in an attempt to calm their shareholders, although it seems that McClendon will remain as CEO and retain power over the company.

Dunham spent more than three decades at Conoco serving as president and chief executive. During his time as head of oil and gas production in the 1990’s he was credited with revitalising a struggling Conoco by selling $2 billion in assets and refocusing the company on its best-performing fields. He then oversaw the merger that created ConocoPhillips in 2002, and remained chairman of the company until his retirement in 2004.

By. Charles Kennedy of Oilprice.com