Jan 29 Chesapeake Energy Corp, battling
a governance crisis and financial strain, said that Chief
Executive Aubrey McClendon is leaving the company on April 1.
News of the executive's departure sent the company's shares
up 8 percent.
McClendon, 53, is under scrutiny from federal regulators and
his board for blurring the line between his personal dealings
and that of the company. Big shareholders took control of the
board in June after he was stripped last year of his title as
chairman of the company he co-founded in 1989.
The findings of the board's probe will be released next
month, but so far nothing improper has been uncovered,
A Reuters investigation published in April found that
McClendon had arranged to personally borrow more than $1 billion
from EIG Global Energy Partners, a firm that also is a big
investor in Chesapeake.
The loans, arranged through McClendon's personal shell
companies, were secured by his interest in company wells.
McClendon is allowed to take a 2.5 percent stake in every single
well Chesapeake drills under a controversial program called the
Founders Well Participation Program (FWPP).
Shares of Chesapeake climbed to $20.50 in post market
trading, up from a New York Stock Exchange close of $18.97.