OKLAHOMA CITY (AP) — Chesapeake Energy Corp has named a new chairman to replace its controversial founder, Aubrey McClendon. Here are some key dates leading up to Thursday’s announcement.
— March 25: Pittsburgh Post-Gazette reports that McClendon was using his personal stakes in company wells to get huge loans.
— April 26: Chesapeake announces it is ending a program that allows McClendon to take part ownership in the company’s wells. The revelation that those stakes enabled him to borrow $1.1 billion had pummeled the company’s shares.
— May 1: McClendon is stripped of his board chairmanship.
— May 2: Reuters reports another potential conflict of interest: McClendon ran a private hedge fund that traded in contracts for oil and natural gas — commodities that Chesapeake produces.
— June 8: Chesapeake shareholders criticize company at annual meeting, forcing two directors to resign.
— June 21: Archie Dunham named non-executive chairman of Chesapeake Energy’s board.
