Sean Gardner / Reuters
Co-founder of Chesapeake Energy Corporation Aubrey McClendon.
By Roland Jones
Aubrey McClendon, Chesapeake Energy?s chief executive and co-founder, is stepping down from his role as chairman of the embattled company.
Archie W. Dunham, former chairman of ConocoPhillips, has been appointed by Chesapeake?s board as the company?s new independent non-Executive chairman. McClendon remains a company director and will continue to serve as Chesapeake?s CEO and president, the company said in a statement.
Chesapeake said four other independent directors have been added to its board.
Chesapeake said in May it planned to split the roles of CEO and chairman. The decision came after the company had come under fire from shareholders over revelations about McClendon?s personal business dealings and for the company's weak?earnings.
McClendon reportedly borrowed against personal stakes in?Chesapeake?s oil and gas wells that he acquired through a controversial company perk. In early May, the Securities and Exchange Commission said it had opened an informal probe focused on the company and McClendon.
Click here to check Chesapeake's share price.
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