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Chesapeake: a company built on shale
Was Chesapeake's meteoric success a flash in the pan, or is CEO Aubrey McClendon worth $112.5m a year? NJ Watson writes
CHESAPEAKE Energy shareholders have attacked Aubrey McClendon for a compensation package that they view as excessive. But his defenders say he is worth it: the company's chief executive officer (CEO) has taken brave, inventive decisions at a difficult time for the gas industry they say. A legal hearing is scheduled for 20 August on lawsuits brought by pension funds in Louisiana, Pennsylvania and Canada, which accuse the Chesapeake board of failing in its fiduciary duties by awarding McClendon a compensation package last year worth $112.5m, which included a one-time $75m bonus. That made him one of the highest paid CEOs in the US, despite the company's stock price dropping from a high of $74 a share last June into the teens for much of the second half of 2008. At a turbulent annual shareholders' meeting in mid-June, McClendon was forced to defend himself ...Click here to continue reading Chesapeake: a company built on shale
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