NEW YORK — Aubrey McClendon said Tuesday he’s giving up the chairmanship of Chesapeake Energy following shareholder complaints that his personal business interests could conflict with his company’s.
The Chesapeake founder will remain as chief executive. The board is looking for a nonexecutive chairman.
Investors have long complained about McClendon’s compensation package, which allowed him to buy stakes in the company’s oil and gas wells. Those complaints intensified last month after reports that he took out more than $1 billion in loans to pay for his stake in the wells.
Some of the loans came from a group that was also planning to buy Chesapeake assets. Investors said McClendon’s private dealings with the group could have influenced the decision to sell those assets.
Chesapeake’s largest shareholder applauded the decision to remove McClendon as chairman and end its special investment program.
“Aubrey was right to recognize that these actions are in the best interests of the company and its shareholders,” said O. Mason Hawkins, chairman and CEO of Southeastern Asset Management.
