McClendon to retire as Chesapeake CEO

Out: McClendon to retire

AP/Scanpix

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Luke Johnson

 29 January 2013 22:28 GMT

The embattled co-founder and chief executive of Chesapeake Energy will retire on 1 April, the company said on Tuesday.

Aubrey McClendon, who has helmed Chesapeake since its inception in 1989, will continue to serve as chief executive until the company appoints a successor.

"As the company moves towards 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," board chairman Archie Dunham said in a statement.

McClendon has been under fire for months as the company's debt has swelled and its stock…

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