No 2012 Bonus for Chesapeake's McClendon
OKLAHOMA CITY – Chesapeake Energy Corp. says its chairman, Aubrey K. McClendon, will not receive a bonus as part of his annual incentive compensation for 2012, and other executive officers will see their bonuses “substantially” reduced.
The oil and gas company notified the U.S. Securities and Exchange Commission that its “comprehensive review of the company’s general corporate governance practices and executive compensation” would continue but in the meantime, “a number of meaningful enhancements” have been made.
Among them is another rebuke to McClendon. The CEO will now have to reimburse the company for his personal use of its aircraft after such costs exceed $250,000; the previous threshold was $500,000.
McClendon came under fire personally last year after the Reuters news service published a series of investigative reports about his insider dealings. At the same time, his stewardship of the company was questioned in light of its huge debt to fund natural gas exploration at a time when gas prices fell to their lowest in a decade.
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Chesapeake's McClendon will not receive 2012 bonus
Published by The Business Journal, Youngstown, Ohio.
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