Former ConocoPhillips chief announced as new Chesapeake Chairman

The former chief of ConocoPhillips, Archie Dunham has been put in place as the new chairman of embattled energy company Chesapeake Energy in response to shareholder concern over a US$ 10 billion funding gap and CEO Aubrey McClendon’s personal finances.

The company has also seen five of its board members removed and replaced with four new shareholder-backed members. The board however, refused to accept the resignation of the company audit committee chairman, Burns Hargis.

The company explained the situation, “Given Mr Hargis’ current role … and reflecting input from Sam and Mr Ichan, the board has declined to accept his resignation, at this time, to permit completion of the previously announced review of the financing arrangement between Mr McClendon … and any third party that has had or may have a relationship with the company in any capacity.

“Mr Hargis will continue to lead the review, but is not expected to remain chairman of the audit committee. Upon completion of the review, the board will revisit his resignation.”

Aubrey McClendon has retained his position as CEO despite intense criticism and shareholder concern over the nature of his personal finances.

Edited from various sources by David Bizley

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