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Company News
McClendon to Step Down as Chairman of Chesapeake
Tuesday, May 01, 2012YOUNGSTOWN, Ohio -- Chesapeake Energy Corp.'s CEO Aubrey McClendon has agreed to relinquish his position as chairman of its board of directors in the wake of shareholder backlash over a program that allowed him to personally buy stakes in wells the company drilled.
Chesapeake stated in a news release Tuesday that McClendon would resign as chairman and a non-executive chairman would be selected to serve in that position in the near future.
Amid Lawsuits, IRS Audits, Analyst Likes Chesapeake
Tuesday, May 01, 2012YOUNGSTOWN, Ohio – Shares of Chesapeake Energy Corp. rose after an analyst upgraded the natural gas producer's rating despite ongoing criticism of CEO Aubrey McClendon and the energy giant’s disclosure Monday that the Internal Revenue Service is reviewing its incentive program that enabled McClendon to buy stakes in its oil and gas wells.
Dan McSpirit, an analyst for BMO Capital Markets, raised the company's rating from "market perform" to "outperform," MarketWatch reported Monday.
Chesapeake's stock closed up 4.1% at $18.45 a share yesterday after opening at $17.72.
Renovation Under Way at Cafaro's Ohio Valley Mall
Tuesday, May 01, 2012YOUNGSTOWN, Ohio -- A multimillion-dollar renovation of Ohio Valley Mall in St. Clairsville has begun. The mall, which has operated since 1978, is owned and managed in association with affiliates of The Cafaro Co., Youngstown.
Lemon Grove Moving to Former Rosetta Stone
Monday, April 30, 2012YOUNGSTOWN, Ohio – Patrons of The Lemon Grove may get a sweet treat from the bar with a sour name this summer – a much larger space two doors away decorated with original artwork.
The owner of the Lemon Grove, Jacob Harver, plans to move operations to the former Rosetta Stone building on West Federal Street, and hopes to be in the new space before fall if not sooner.
“We’re embarking on an expansion project,” Harver said.
Spending on Mom to Average Nearly $153
Monday, April 30, 2012WASHINGTON -- Riding the coattails of a spring with free spending on everything from garden supplies and home décor to colorful fashions, consumers will stretch their dollars a little further this Mother’s Day to make sure mom has the perfect day. The average person celebrating the holiday is expected to spend $152.52 on gifts, up from $140.73 last year.
Total spending is expected to reach $18.6 billion, according to the National Retail Federation's 2012 Mother's Day consumer spending survey.