2013: Chesapeake Energy's Aubrey McClendon Retires - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

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2013: Chesapeake Energy's Aubrey McClendon Retires

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OKLAHOMA CITY -

Chesapeake Energy CEO and co-founder Aubrey McClendon will retired April 1, 2013.

McClendon, who had been with the Oklahoma City-based energy company since its creation in 1989, continued to serve as CEO until his successor, Doug Lawler, was appointed.

Chesapeake board Chair Archie Dunham praised McClendon's service in a news release, calling him a "pioneer" and a "leader."

"Over the past 24 years, Aubrey McClendon has created one of the most valuable and innovative companies in the energy industry. Under Aubrey's strong leadership, Chesapeake has built an unmatched portfolio of natural gas and oil assets in creating one of the world's leading energy companies. … However, as the company moves toward more fully developing the value of its outstanding assets, Chesapeake is at an important transition in its history and Aubrey and the Board of Directors have agreed that the time has come for the company to select a new leader."

McClendon expressed pride in building the company but noted "certain philosophical differences" with the board.

"Over the past 24 years, I have had the privilege of developing Chesapeake into one of the world's premier energy companies. It has been an honor to work with my outstanding management team and the company's 12,000 very talented and dedicated employees. I am extremely proud of what we have built over the last quarter of a century and I am confident that Chesapeake is in a great position to continue to grow and achieve great success in the future as it realizes the full value of its outstanding assets," McClendon, 53, said in the release.

McClendon came under fire from shareholders after reports surfaced that he borrowed more than $1 billion using his stake in company wells through the Founder Well Participation Program as collateral. Moreover, according to published reports, some of McClendon's lenders also did business with Chesapeake, potentially creating a conflict of interest.

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