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Chesapeake's McClendon to get $11.7 mln in cash compensation
January 31, 2013 / 11:45 AM / 5 years ago

Chesapeake's McClendon to get $11.7 mln in cash compensation

Jan 31 (Reuters) - Chesapeake Energy Corp, the second-largest natural gas producer in the United States, said outgoing Chief Executive Aubrey McClendon would receive about $11.7 million in cash compensation over four years.

The company also said McClendon’s departure would be treated as a termination without cause.

The compensation is based on an annual base salary of $975,000 and a bonus compensation of $1.95 million, the company said in a filing with securities regulators.

Chesapeake said on Tuesday McClendon will step down on April 1, after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the company.

McClendon is entitled to total compensation of about $47 million, including restricted stock awards already given to him that have a value of $33.5 million, Reuters reported on Tuesday, citing a person familiar with the compensation package.

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