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Chesapeake's McLendon to Step Down as Chairman (May 01, 2012)

OKLAHOMA CITY (AP) - Aubrey McClendon is giving up the chairmanship of Chesapeake Energy after complaints of an arrangement that allowed him to take personal stakes in the company's wells.

The company founder will remain as CEO, but the board is searching for a non-executive chairman.

Shares of Chesapeake Energy Corp., based in Oklahoma City, rose 10 percent in Tuesday morning trading.

Concerns about a compensation plan, approved by the board, were amplified this month following reports that McClendon took out more than $1 billion in loans to pay for his stake in the wells. He got the money from groups that may have done business with Chesapeake in the past.

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