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Chesapeake Names Acting CEO As McClendon Steps Down

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Whilst continuing to search for a replacement for soon-to-be-ex-Chief Executive Officer Aubrey McClendon, Chesapeake Energy (NYSE: CHK  ) has set up an interim management structure to mind the store till a new boss has been hired.

The company announced Friday the formation of a three-person "Office of the Chairman" to oversee its operations. This tripartite management construct will initially consist of Non-Executive Chairman of the Board Archie W. Dunham, Chief Financial Officer Domenic J. Dell'Osso Jr., and Chief Operating Officer and Acting Chief Executive Officer Steven C. Dixon.

Speaking of which, that's the other big news of the week: Dixon has been named acting CEO and will take over the CEO's role when McClendon officially retires on April 1. No word yet, though, on whether Dixon's new interim job title brings with it a bump in pay. Chesapeake has yet to make any SEC filings regarding Friday's announcement.


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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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7/31/2015 4:00 PM
CHK $8.66 Down -0.31 -3.46%
Chesapeake Energy CAPS Rating: ****

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