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Chesapeake Sells Off on CEO Loans

Board members backtrack on earlier statement on McLendons transactions.

By Joe Carroll, Bloomberg | Updated on April 27, 2012

Shareholder confidence in Chesapeake Energy Corp. sank to its lowest point since the 2008 global economic meltdown as company directors reversed course on the need to examine Chief Executive Officer Aubrey McClendon’s personal financial transactions.

Chesapeake’s board, propelled by a plunging stock price and potential conflicts between McClendon’s personal finances and corporate duties, said yesterday it would end a program allowing its chairman and CEO to buy stakes in the company’s wells and review loans McClendon obtained by using those investments as collateral.

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