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Posted in 2013 contender | 0 comments

Chesapeake Energy: Aubrey McClendon (CEO)

Why this is a big quit:
Chesapeake Energy is the second-largest natural gas producer, the most active driller in the United States, and consistently charting on the best places to work lists. Aubrey McClendon founded it in 1989 with a $50,000 loan and eventually becoming the highest-paid CEO of all S&P 500 in 2008. He is also distinct as 1 of only 8 American chief executives with at least 20 years tenure AND produced 20% or higher annual returns [4].

Why it’s not as big as our Top 10:
In April 2012, Reuters reported that McClendon borrowed up to $1.1 billion against his own assets in company financed projects. Subsequently, it was revealed that he employed up to $3 million worth of Chesapeake staff for personal work. With burning questions around conflicts of interest, he stepped aside as Chairman in 2012, and eventually retired in April 2013. While an industry icon, the company may be better off without an executive under financial investigation.