Market shock as McClendon heads for Chesapeake exit

By Noah Brenner

 31 January 2013 23:59 GMT

EMBATTLED Chesapeake Energy chief executive Aubrey McClendon is to leave the company that he helped found almost 25 years ago on 1 April in a move that sent shockwaves through the US energy industry, writes Noah Brenner.

While McClendon characterised the decision as a voluntary “retirement”, he acknowledged that he has “certain philosophical differences with the new board” and most believe he was fired.

McClendon was stripped of his chairmanship and lost control of that board last year as activist investors targeted a series of questionable financial ties between McClendon’s and Chesapeake’s corporate finances.

The board is currently investigating those ties but said that investigation “to date has not revealed improper conduct” and the scrutiny was not the reason that McClendon decided to leave.

Analysts speculated that the change could put…

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