Chesapeake CEO's $1B Well Loans Cost Him Chairman Gig

Law360, New York (May 1, 2012, 5:23 PM EDT) -- Chesapeake Energy Corp. CEO Aubrey McClendon has agreed to relinquish his role as chairman of the company amid a shareholder uproar over the $1 billion he borrowed against his stakes in thousands of company wells, Chesapeake said Tuesday.

McClendon has also agreed to accept early termination of the incentive program that allowed the embattled executive to collect his personal stakes in the wells, the company said.

News that McClendon had borrowed more than $1 billion against his stakes in the company assets sparked a rash of...
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