WASHINGTON (dpa-AFX) - Chesapeake Energy Corp. (CHK) said Tuesday that its Co-founder, Chief Executive Officer and President, Aubrey McClendon, has agreed to retire from the company on April 1.
However, McClendon will continue to serve as the company's Chief Executive Officer until his successor is appointed.
McClendon, 53, has served as Chesapeake's Chief Executive Officer since the inception of the company in 1989 and served as Chairman of the Board from its founding until 2012.
The company said that its extensive review of alleged conflicts of interest and other matters involving McClendon has to date found no improper conduct by McClendon.
The company expects to release the results of its review of the financing arrangements, and other matters, between McClendon and any third party that has had or may have a relationship with the company in any capacity, in its earnings announcement scheduled for release on February 21.
The Board and McClendon's decision to commence a search for a new leader is not related to the Board's pending review of his financing arrangements and other matters, Chesapeake said.
The company has retained Heidrick & Struggles to assist it in its search of McClendon's successor. During the interim period, McClendon will work closely with Chief Operating Officer Steven Dixon and Chief Financial Officer Domenic Dell'Osso, Jr. to transition certain day-to-day management responsibilities in advance of the completion of the search process for the new CEO.
McClendon will resign from the company's Board of Directors at the time his successor is appointed and will receive his full compensation and other benefits to which he is entitled in accordance with the terms of his employment agreement.
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