Chesapeake Energy CFO Steps Down to Take New Job

Associated Press

NEW YORK -- Chesapeake Energy Corp. said Wednesday that its chief financial officer will step down on Oct. 29.

Marcus Rowland, 58, plans to resign to join Frac Tech Services LLC as its president. Chesapeake has a 26 percent stake in that company. Rowland also will retain his seat as a director of Chesapeake Midstream Partners L.P.

Rowland will be replaced as CFO by Domenic Dell'Osso, 34, the company's current vice president of finance and CFO of its midstream subsidiary Chesapeake Midstream Develpoment, LP.

Chesapeake Energy, based in Oklahoma City, Okla., is a leading U.S. producer of natural gas. Its operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. It owns positions in the Barnett, Fayetteville, Haynesville, Marcellus and Bossier natural gas shale fields.

Chesapeake shares added 33 cents, or 1.4 percent, at $24.20 in pre-market trading.