Amid internal and SEC investigations, Chesapeake Energy (NYSE:CHK) announced that its founder and CEO, Aubrey McClendon, would be leaving the company on April 1. With that date just a long holiday weekend away, it appears that his departure will be delayed a bit longer. Competition for CEO's in the energy market has also likely played a factor in finding his replacement, as companies like Encana (NYSE:ECA), Marathon Oil (NYSE:MRO) and Occidental Petroleum (NYSE:OXY) are likely in the market for a chief executive as well.
For the past two years, low natural gas prices have really impeded Chesapeake's progress. Prior to the slide in natural gas prices, the No. 2 natural gas producer in the U.S. was poised to take off. However, it has been unable to economically tap its asset base like it had originally planned. The new CEO will certainly have her hands full once the transition eventually takes place.