Chesapeake Energy To Revise Its Executive Compensation System

Friday, June 10th 2011, 3:53 pm
By: News 9

OKLAHOMA CITY -- The CEO of Chesapeake Energy says the company will revise its executive compensation system, even though a lot of the criticism of it is in his words "much ado about nothing."

Speaking with reporters following Chesapeake's annual shareholders meeting Friday morning, Aubrey McClendon confirmed the company has hired a compensation consultant to recommend changes, including the use of objective performance criteria, something the company has avoided, he says, because of the unpredictability of the industry.

Also Friday, McClendon was easily re-elected chairman of Chesapeake's Board of Directors, despite one proxy firm recommending he be voted off.