HOME ABOUT US ADVERTISE SUBSCRIBE HELP CONTACT eMag  
Thursday
29 September 2016
 
 
Chesapeake CEO makes “worst executives” list

CHESAPEAKE Energy CEO Aubrey McClendon has made the 2012 worst chief executive officers list compiled by Dartmouth College business professor Sydney Finkelstein.

The list, published on Bloomberg’s Businessweek, cited McClendon’s inability to keep his personal and business finances apart as the reason for his listing.

Chesapeake came under heavy scrutiny in early 2012 after revelations that he had been borrowing heavily against the assets of the company.

McClendon borrowed as much as $US1.1 billion ($A1.04 billion) by pledging his stake in the company’s oil and natural gas wells as collateral.

The board launched a re-examination of his remuneration package while the SEC held a separate inquiry into the revelations.

McClendon’s right to take a personal 2.5% stake in every well drilled by the company was also removed.

It’s not all bad for McClendon though, he managed to beat out ex-chief executive Brian Dunn, who quit amid allegations of an inappropriate relationship with a younger employee.

Share this story:

Click here to read the rest of today's news stories.

 




Company Search




Story Search

Advanced Search
LATEST NEWS

Court rejects Australia over Timor


South Pacific in Tamarind alliance


PNG to source doctors from Cuba


Iron Mountain acquires Nendo stake


Oil Search helps Hela teachers


BSP hands over Madang social project


Sampang ditches oil for gas


PNG to get closer to Bangladesh


Gender violence focus of new EMTV series


PNG employment survey launch

RELATED LINKS

[SECTION]
-Oil and Gas
-Regional Watch
-General News
[REGION]
-North America
[RELATED STORY]
-BHP wipes off half of Chesapeake investment
-Kloppers sells shares to pay taxman
-BHP hunting for Kloppers' successor
[OTHER]
-Printable Version
-Send to a Friend