McClendon Exits Chesapeake, Well-Bonused “Friends” Replace Him

Aubrey McClendonAs of today, Monday, April 1, 2013, Chesapeake Energy has made the biggest error in its 24-year existence. Today marks the exit of Chesapeake’s co-founder and CEO, Aubrey McClendon. In his place, the company announced Friday they have created an “Office of the Chairman” which will be populated with three people: Archie Dunham, non-executive chairman of the board; Steven Dixon, who is currently COO and will take on the role of acting CEO to replace Aubrey (for now); and Dom Dell’Osso, CFO. Apparently it takes three people to replace Aubrey–that should tell you something right there.

The colossal error is in letting McClendon go in the first place, which is being done largely because of pressure from corporate raider Carl Icahn (see Breaking: Chesapeake Energy CEO Aubrey McClendon Gets Pink Slip). You might think that Steve Dixon and Dom Dell’Osso would leave with their old friend and comrade–but they’re two of three people bribed paid a whopping $15.4 million bonus to stick around (see Chesapeake Pays $15.4M to Prevent Exodus of Top Talent). After being showered with millions, Steve and Dom said, “Aubrey who?”…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.