Chesapeake Energy Corp. (NYSE: CHK) finally has succeeded in throwing out its morally challenged CEO Aubrey McClendon and some of his equally morally challenged board. McClendon not only enjoyed extravagant compensation, he also made investments side by side with the company, which almost certainly was a conflict of interest.
Chesapeake stayed within the industry with its new chief executive pick. That is just as well. Chesapeake is a complex energy company with equally complex financials. Marketwatch says of the new Chesapeake Energy CEO pick:
Chesapeake Energy Corp. has chosen Robert Douglas Lawler, a top executive at rival oil-and-gas company Anadarko, as chief executive, the Wall Street Journal reported on Monday. The 46-year-old will replace Aubrey McClendon, who was ousted from the second-biggest natural-gas producer in the U.S. in April. Petroleum engineer Lawler was senior vice president of international and deep-water operations at Anadarko
It is deepwater Lawler will have to get Chesapeake out of.
Filed under: 24/7 Wall St. Wire, Corporate Governance, Management Change, Oil & Gas Tagged: CHK