On Monday, the company confirmed news reports that that its board of directors held a meeting over the weekend and picked Robert Douglas ("Doug") Lawler to replace McClendon as the company's chief executive officer. Lawler is currently the senior vice president for international and deepwater operations at Anadarko Petroleum (NYSE:APC) and will move over to Chesapeake on June 17.
In one sense, it's a move down for Lawler, who at Anadarko ran offshore operations for the second-largest independent oil company in the U.S., which has a $45 billion market cap. But of course, at $14 billion, he will be running the whole show.
Once Lawler takes office on June 17, the interim management structure that Chesapeake set up in March, in which Chairman of the Board Archie W. Dunham, Executive Vice President of Operations and Geosciences Steven C. Dixon, and Chief Operating Officer Domenic J. Dell'Osso Jr., ran the company in lieu of an actual CEO, will dissolve. Their responsibilities will fall to Lawler.
Financial terms of Lawler's compensation at Chesapeake have not yet been disclosed.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has options on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.