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Chesapeake Board May Oust CEO McClendon

Aubrey K. McClendon, the CEO of Chesapeake Energy (NYSE: CHK), was punished for transactions which allowed him to invest in every well the company drilled. The firm’s board did not care about the arrangement until the press and some investors…

By Douglas A. McIntyre
Published May 2, 2012, 6:20am ET · 1 min read

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Aubrey K. McClendon, the CEO of Chesapeake Energy (NYSE: CHK), was punished for transactions which allowed him to invest in every well the company drilled. The firm’s board did not care about the arrangement until the press and some investors began to criticize it. McClendon will lose his job as chairman and the board will look for a replacement.

McClendon will probably be gone entirely before that person is picked. The pressure on the board to fire McClendon altogether is relentless. The board was complicit in McClendon’s good fortune. That will not stop its members from doing what is necessary to salvage their reputations.

The easiest way to do that is to identify McClendon as a cancer which will affect Wall St.’s opinion of Chesapeake as long as he is there.

Douglas A. McIntyre

Contact [email protected] for any questions or corrections.

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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