The clouds that have gathered over Chesapeake Energy
appeared to have scattered a bit on Tuesday, after the natural gas producer
acceded to investor demands on a number of fronts, NY Times’ Dealbook reports.
Shares in Chesapeake soared more than 9 percent in premarket
trading after two crucial bits of news: the company said it was ending a
controversial well ownership program for its chief executive, Aubrey K.
McClendon, 18 months ahead of schedule, and announced its intent to look for a
new, independent chairman. Mr. McClendon “will receive no compensation of any
kind” in connection with the early termination of the well participation
program, the company said.
After the bell, Chesapeake shares were still up about 6
percent, at $19.53. It seems clear that the company made its decision with an
eye toward keeping shareholders happy....
Wait,wait…there’s more at http://dealbook.nytimes.com/2012/05/01/relief-for-chesapeake-shareholders-as-company-seeks-new-chairman/?src=dlbksb
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