Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of natural gas giant Chesapeake Energy (NYSE:CHK) jumped as much as 12.9% in early trading after CEO Aubrey McClendon announced his intention to retire.

So what: The embattled CEO will step down on April 1, hopefully not as some sort of April Fool's joke, after a tumultuous year to say the least. Chesapeake faced a funding gap that required a fire sale of important assets and McClendon himself is under investigation by his own company for improper behavior.

Now what: You know just what the market thinks about you by how your stock reacts when you leave. Clearly investors weren't happy with McClendon and aren't going to be concerned if the door hits him on the way out. This alone doesn't make Chesapeake a buy, but it does eliminate one of the biggest reasons to avoid the stock, opening a new chapter for the company.

A deep look at Chesapeake

Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw

The Motley Fool has the following options: Long Jan 2014 $20 Calls on Chesapeake Energy, Long Jan 2014 $30 Calls on Chesapeake Energy, and Short Jan 2014 $15 Puts on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.