Natural gas and oil company, Chesapeake Energy Corporation(CHK) announced on Wednesday that long term CEO, Aubrey McClendon will be stepping down in April.
The Oklahoma City, OK based company reported that their CEO of 24 years, Aubrey McClendon will retire from his position on April 1. The news increased the company’s stock price by over 10%
Although the company reports that McClendon’s departure is a retirement, it has been reported that the departure is more of a “termination without cause” rather than a chosen retirement.
In an email to employees, McClendon stated that he would be leaving the company due to “philosophical differences.” This departure follows a year of investigations against McClendon for taking $1 billion in loans from private equity firm EIG Global Energy Partner. The company denies McClendon being involved in any sort of misconduct.
The company reported that McClendon will receive his full compensation, totaling $47 million. McClendon will remain at the company until a successor is appointed.
Chesapeake Energy shares were up $2.03, or 10.70% during premarket trading Wednesday. The stock has declined -14% in the past year.
The Bottom Line
Shares of Chesapeake Energy Corporation(CHK) have a 1.85% yield, based on Tuesday’s closing price of $18.97.
Chesapeake Energy Corporation(CHK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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