It's funny how so many seem to believe McClendon has somehow been vindicated. There was plenty to all those reports. Since when do we believe internal investigations? Reuters take on this inside sweetheart and Goodbye Aubrey investigation Chesapeake probe finds no intentional CEO misconduct | Reuters
Too many Chesapeake homers in this thread now trying to get you to forget what should not be forgotten.
McClendon's ouster was the best thing for Chesapeake and Oklahoma City. Reuters may have saved our city in the long run.
If this board existed in 1982, there would be people singing the praises of Beep Jennings and Bill Patterson, and talking about all the good things that they did.
It should be noted that the recent $1B sale of assets to Sinopec came at only about one-third the value Chesapeake had placed on them last year.
Just goes to show how incredibly far off the McClendon regime was off on so many things.
Chesapeake, CEO McClendon under SEC investigation
Reuters – 42 minutes ago
(Reuters) - Chesapeake Energy Corp said the U.S. Securities and Exchange Commission was investigating the company and Chief Executive Aubrey McClendon and had issued subpoenas for information and testimony.
The company said on Friday it was advised by the SEC in December that an informal inquiry, launched by the regulator in May, was continuing as an investigation.
Regulators in the agency's Fort Worth office are looking into a controversial program that grants McClendon a share in every well that Chesapeake drills.
The company said in a regulatory filing that it was also responding to related inquiries from other regulatory agencies and self-regulatory organizations.
Well, ****.
And don't forget there is an on-going grand jury investigation in Michigan regarding possible CHK price fixing.
Long after Aubrey steps down one month from today, Chesapeake is still going to be sorting out these messes.
Interesting that Chesapeake waited three months to report the investigation. They've known about it since December. Clearly the "there was nothing there" argument is bogus.
What is the likely outcome of the SEC investigation if it finds intentional wrongdoing?
Was told there were more layoffs at CHK today.
Chesapeake and Sandridge having big problems at the same time...If both turn out badly it would be a huge hit to the metro...There just aren't many (more like any) 60-100k jobs up for grabs out there
Yes. I know. My point was if you read the article Chesapeake was informed about the formal investigation in December, so they've known about this for months, but waited until yesterday to come clean to their share holders. It's quite clear Aubrey's departure had something to do with this.
Burns Hargis resigns from CHK board and is replaced by former Pride International Inc. CEO Louis A. Raspino, who worked with Archie Dunham (current Board Chairman) when the former Conoco executive was a member of the company's board.
Burns Hargis resigns from Chesapeake Energy board | News OK
I'll defend Burns Hargis as a good man with a long history of doing good things in our state, but who didn't resign from CHKs board when he should have. This is a reminder that those serving on the boards of public companies have a fiduciary duty to the shareholders, and that sometimes you have to say no to the founder CEO who hired you, even if that risks losing substantial board compensation, jet shares and perks.
The Aubrey McClendon era at Chesapeake has ended.
Originally, they had said a new CEO would be announced before he left, but clearly that isn't going to happen now.
Outgoing CEO McClendon bids Chesapeake's Oklahoma City workers farewell
Outgoing CEO Aubrey McClendon reassured Chesapeake Energy workers the company is in good hands.
Two days after Aubrey steps down, two of his closest execs are forced out. Interestingly, both Hood & Price were very involved in all the commercial real estate dealings.
Very curious considering the new CEO is yet to be named.
Two of Chesapeake’s executives to leave
By Sarah Terry-Cobo
Oklahoma City energy reporter; 405-278-2849; sarah.terry-cobo@journalrecord.com; @JRSarahTC
Posted: 10:06 AM Wednesday, April 3, 2013
OKLAHOMA CITY — Two high-level Chesapeake Energy employees will soon the company. Thomas Price, senior vice president of corporate development and government relations, has worked with the company since 1992 and was a consultant since Chesapeake’s inception. Henry Hood, senior vice president of land, has worked for the company since 1995.
In an email to employees, acting CEO Steven Dixon announced the news.
“It is with mixed emotions that I announce that Henry Hood and Tom Price – two of our most long tenured executives – will be leaving the company on May 3,” Dixon wrote. “They have been valued members of our leadership team and have played key roles in the historic success of our company.”
Price was in a meeting and not immediately available for comment.
Dixon also announced that Martha Burger would lead an initiative in the land department that would, “encompass a comprehensive review and analysis of the entire function.”
According to the email, Michael Kehs and his strategic media and marketing/communications teams, and Taylor Shinn, with his market development team, would now report to Jeff Mobley, senior vice president of investor relations and research. Dixon announced that Paul Hagemeier, vice president of environment, health and safety, and the corporate development and government relations teams led by Vice Presidents Scott Rotruck, Kevin McCotter and Julie Wilson would report to Jim Webb, along with Jamie Maddy and Sarah Gainer.
Thursday was Chesapeake CEO and co-founder Aubrey McClendon’s last day.
Read more: Two of Chesapeake?s executives to leave | The Journal Record
Hood was reassigned last year when James Webb was hired from McAfee & Taft to be the new SVP and senior legal counsel. It was - and is - thought that Webb's litigation experience is a better fit for what lies ahead for CHK. You can't say this was unexpected.
With land being assigned to Martha Burger who will "lead an initiative" that would "encompass a comprehensive review and analysis of the entire function," expect big changes.
The news hasn't yet been picked up by the WSJ, Reuters or Bloomberg, and the stock is down almost 3% on the day.
As I mentioned, very interesting such a big shakeup would occur before a new CEO was hired.
It seems the new board and chairman really wants to get things moving and were just waiting for Aubrey to leave so they could start implementing their plan.
They still have $6 billion in assets to shed this year as their stated goal, so much more change is coming and fast.
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