April 4, 2013 / 9:55 PM / in 5 years

Chesapeake's acting CEO receives 13 percent raise

April 4 (Reuters) - Chesapeake Energy Corp’s acting Chief Executive Officer Steve Dixon will receive a 13 percent increase in his base salary, the company said on Thursday.

Dixon, who replaced former CEO Aubrey McClendon on Monday, will be paid a salary of $975,000, up from the $860,000 he received as chief operating officer, Chesapeake said in a filing with the U.S. Securities and Exchange Commission.

The higher payments will be based on the duration of Dixon’s service as interim CEO, the filing said.

On Friday, Chesapeake announced Dixon’s appointment as interim CEO and said he was part of a three-person team leading the second-largest U.S. producer of natural gas as it continues to search for a permanent replacement for McClendon.

McClendon, who also received a $975,000 base salary as CEO, departed following a governance crisis and a liquidity crunch brought on by heavy spending and low natural gas prices.

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