Chesapeake Appoints Former Deptartment Store CEO as New Chairman

department store mannequinThe last vestiges of the Aubrey McClendon era at Chesapeake have now been swept away. In June 2012, Aubrey was demoted from his position as chairman of the board of directors. Archie Dunham, the retired chairman of ConocoPhillips, was tapped to replace him and help the company navigate the transition from dumping McClendon (see Chesapeake Energy’s Board Changes, Archie Dunham New Chairman). We see how it’s worked out with a pair of corporate raiders (Carl Icahn and Mason Hawkins) in charge: Chesapeake has fired thousands of people, sold off everything but the kitchen sink, yet remains in debt up to its eyeballs. The post-Aubrey transition is now complete. The corporate raiders have just retired Archie Dunham–someone who at least comes from the oil and gas industry–and replaced him by promoting Brad Martin to be the new chairman of the board. Who’s Brad Martin? He used to run a department store chain…

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