It's not a complete surprise, but it's coming sooner than I expected.
http://www.chk.com/News/Articles/Pages/1779133.aspx
Thanks RT. I think Mr. McClendon has done amazing work on several fronts. I thought he would be with the company longer in some capacity and maybe he will be a consultant/special advisor? He is like the most successful landman ever and revolutionized methods for obtaining large land positions for plays - helping many people bootstrap themselves to better economic circumstances and provided hope - lots of hope! Also, he has been a great advocate for natural gas as a bridge fuel to reduce reliance on coal and for fueling vehicles of every sort for the environment and becauseI it’s good business. I hope he continues those efforts because he is passionate about it and extremely effective towards those goals. His Energy Independence efforts from importing oil, etc. are just as incredible - seriously. On a personal note, I shot him some emails and he replied and was very kind and down to earth - he really impressed me to say the least! Nonetheless, I would not want to play cards with him - I would lose. I bet he counts cards and knows more strategies than one can shake a stick at!
I understand his other interests are in real estate development. Timing is everything in real estate - things are starting to pickup in real estate - I bet he has considered housing, etc. for oil patch workers and their families. He is not riding off into the sunset!
Regards, Ralpr
I suspect we'll see him in management at a start up or another company very soon......
A purported $45M golden parachute gives one some options!
His aggressive acquisition sprees, debt-laden balance sheets and profits, along with his risk-taking and free-spending ways were bound to lead to this. To help cover his losses, he sold his antique map collection to Chesapeake for $12 million, well above its assessed value, sparking shareholder lawsuits that later required him to repurchase the maps.
And his personal financial dealings invited critical scrutiny, prompting the company's board to probe his practice of borrowing funds from firms that invested with Chesapeake.
According to today's Wall Street Journal, as I diligently read through my late-morning breakfast, his termination will be treated as "termination without cause."
Regards,
Pat