Chesapeake CEO No Longer Chair

Company also halts CEO McClendon’s well deals.

Chesapeake Energy Corp. will name an independent chairman to replace Aubrey McClendon and halt an incentive program that allowed the chief executive officer to amass personal stakes in thousands of company-operated wells.

McClendon agreed to a board request to terminate the so-called Founder Well Participation Program in June 2014, 18 months early, without additional compensation, according to a release today. McClendon will not be relinquishing any of the well stakes he already holds, Michael Kehs, a Chesapeake spokesman, said today in an e-mailed statement.

‘Last Hurrah’

“We are pleased that the board listened to our input and believe it has made the right decision by ending the FWPP early and seeking an independent chairman,” O. Mason Hawkins, Southeastern’s chairman and CEO, said in the statement.

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