Chesapeake Energy Corp chose COO Steve Dixon to become its acting CEO after co-founder Aubrey K. McClendon stepped down from the company after nearly twenty five years at the helm.
The Board of Directors also appointed two others and created a new office, the Office of the Chairman as it searches for a permanent CEO. The officers appointed are Chairman Archie Dunham and CFO Domenic Dell'Osso.
McClendon leaves a company that has become one of the largest producers of gas in the country. It is also under McClendon's leadership that cutting edge drilling techniques used in domestic shale formations helped create product that many energy companies had overlooked. It was also under his leadership that Chesapeake increased its market value 500 times to a peak of US$35.6 billion in 2008, according to statistics obtained by Bloomberg.
McClendon's resignation comes after shareholders lead by Carl Icahn and Southeastern Asset Management questioned his bonus scheme and his chairmanship. An internal investigation was also conducted as to the allegations of breach of trust and conflict of interest, as he used company owned assets to obtain nearly US$800 million in private loans. He was cleared of any intentional wrongdoing on these matters.
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