Chesapeake Energy’s co-founder and chief executive, Aubrey McClendon, will retire on April 1, the producer of oil and natural gas announced on Tuesday, almost eight months after investors complained about a contentious compensation plan.
Mr. McClendon, who gave up his chairman role last May, will also leave Chesapeake’s board on that date. Until then, he will transfer daily management responsibilities to other executives. A successor wasn’t named, though the company said that it had hired an executive search firm to find his replacement.
The surprise announcement followed months of investor dissatisfaction with Chesapeake, which has struggled withprolonged low natural gas prices and efforts to move into more lucrative oil production. But shareholder ire spiked last spring, after Reuters reported on an unusual executive perquisite in which he was allowed to buy stakes in each well the company drilled.
To help finance those investments, Mr. McClendon often borrowed from companies that had conducted business with Chesapeake, raising concerns that he faced a conflict of interest.
In an attempt to quell the turmoil, Mr. McClendon agreed last May to give up his chairman role and to end the compensation plan ahead of schedule.
Chesapeake said on Tuesday that it expected to announce the results of a monthslong review into the compensation plan when it discloses its earnings next month. In the interim, the company said that the inquiry has not unveiled any improper conduct.
“Over the past 24 years, I have had the privilege of developing Chesapeake into one of the world’s premier energy companies,†Mr. McClendon said in a ! statement. “While I have certain philosophical differences with the new board, I look forward to working collaboratively with the company and the Board to provide a smooth transition to new leadership for the company.â€
