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26 October 2014
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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.

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