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January 30, 2013

McClendon Out at Chesapeake: A Takeover Next?

Chris Helman, Forbes


AP Photo

The chief executive of Chesapeake Energy and the greatest wildcatter of his generation, Aubrey McClendon, will resign from the company he founded on April 1.

The news has caused shares of Chesapeake, the nation’s no. 2 producer of natural gas, to jump 11% in after-hours trading. With McClendon out, a significant obstacle to the takeover of Chesapeake will have been removed.

In a statement this afternoon Chesapeake stated that the decision to replace McClendon was made by both McClendon and the board of directors and that the company is now in the process of selecting a new leader.

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TAGGED: natural gas, Aubrey McClendon, Chesapeake Energy

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