Chesapeake Energy: CEO to Step Down
Wednesday, January 30, 2013
Aubrey McClendon, the unpopular and brash CEO of Chesapeake, will leave the company he founded 24 years ago.
McClendon, 53, cites “philosophical differences” as the reason for his retirement. He served as Chesapeake’s Chief Executive Officer since the inception of the company in 1989 and served as Chairman of the Board from its founding in 2012.
McClendon will leave the company April 1 and will serve as CEO until then.
His successor has not been named.
The announcement came after markets closed Tuesday.
More coverage from:
Bloomberg: Chesapeake CEO Resigns After Scrutiny on Personal Loans
The New York Times: End of the Road for Chesapeake’s C.E.O
The Wall Street Journal: Chesapeake CEO McClendon to Exit
Forbes: Billionaire McClendon Out at Chesapeake Over Differences with Board
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.