NEW YORK, April 19 Chesapeake Energy Corp's
former Chief Executive Officer, Aubrey McClendon, will
use the company's aircraft for free through 2016 after departing
in the wake of a governance crisis and a liquidity crunch caused
by heavy spending on oil and gas properties.
McClendon, who made $16.9 million in cash and stock from
Chesapeake in 2012, left the company on April 1.
According to the company's proxy statement filed with
regulators on Friday, Chesapeake will transfer a 28.125 percent
interest in a Citation X aircraft to an entity controlled by
McClendon until the end of 2016. During this period it will pay
all costs, fees and expenses associated with his stake in the
McClendon, who co-founded Chesapeake in 1989, was one of the
first oil and gas executives to recognize the vast potential of
the country's shale basins. But he stepped down as chief
executive after a tumultuous year in which a series of Reuters
investigations triggered civil and criminal investigations of
the second-largest U.S. natural gas producer.