Chesapeake Energy Execs Paid $25 Million in Bonuses
Chesapeake Energy’s executives, including CEO Doug Lawler, have arguably made some bad decisions about the company–for years. The executives decided to convert Chessy from a gas-focused driller to an oil-focused driller, selling off its prized Utica Shale assets in Ohio to do so in 2018 (see Stop Press: Chesapeake Sells ALL of its Ohio Utica Assets for $2B). It was the wrong decision. Now that the oil market is crashing and burning, the company (with $9 billion in debt) is preparing to file for bankruptcy (see Chesapeake Energy Prepares Potential Ch. 11 Bankruptcy Filing). So what does the board do? The board has just rewarded its top executives, including Lawler, with $25 million in “incentives” to stick around for another 12 months! That takes the cake.
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