Chesapeake CEO Doug Lawler steps down, months after company emerges from bankruptcy by Reuters, April 27, 2021, The Globe and Mail
Chesapeake Energy Corp said on Tuesday that Chief Executive Officer Doug Lawler would leave at the end of April, just months after the company emerged from a highly watched bankruptcy reorganization.
Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets…. **and overstuffing upper management/CEO pockets?**
It emerged from bankruptcy in February, through a plan that saw it shedding about $7.7 billion in debt. **Magically. Poof, nearly $US 8Billion in Mega Greed-induced debt gone. All good now, let’s go lure in new investors!**
Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016.
In an interview with Reuters in February, Lawler had said the company was unable to invest enough in operations to turn a profit while simultaneously paying down $9 billion in debt, and that “led us to make decisions that weren’t always the best.”
The company said on Tuesday board chair Mike Wichterich would serve as interim CEO, while it searches for a permanent replacement.
Wichterich intends to continue in his role as chair after a new CEO is appointed in the “coming months,” Chesapeake said in a statement.
While Wichterich handles the additional role of interim CEO, Matt Gallagher will be lead independent director, the company said.
Refer also to:
Pennsylvania Supreme Court gives gas industry big victory, Rules in favour of frac royalty cheaters (Anadarko, Chesapeake), Kills Attorney General’s anti-trust lawsuit. Jackie Root: “It just seems like ruling after ruling is coming down in favor of the oil and gas companies, handing them all the cards and all the money.”
And, the winner is … drum roll … Chesapeake (and the new ombudsperson). Attorney General Josh Shapiro settles with shyster frac company for $5.3 Million for royalty restitution for PA landowners. Who pays for the $7 Billion in magic money given to Chesapeake by the bankruptcy judge?
Judge lets nasty frac’er escape bankruptcy, rules Chesapeake is worth $1 Billion more than the company does, sets free $7 Billion in debt, gives “big payday” to some, says to CEO Robert Lawler: “To remember that a lot of people have suffered a lot of pain for Chesapeake to have a second chance….”
DEP data shows bankrupt Chesapeake drilling new wells; Did Chesapeake file for bankruptcy to avoid paying outstanding royalties owed and avoid paying fines for criminal charges possibly up AG Josh Shapiro’s courageous sleeves? The company’s timing is suspect.