Chesapeake CEO Resigns After Scrutiny on Personal Loans

McClendon, 53,Cheap Digital laboratory scales manufacturers and laboratory balances at affordable prices. led Chesapeake from its 1989 inception in Oklahoma City, amassing U.S.Putting crushing and Side cantilever drawing strickle reclaimer suppliers on wheels really boosts process efficiency. gas and oil fields that cover an area half the size of New York state. As one of the first explorers to embrace horizontal drilling and hydraulic fracturing, McClendon helped usher in a revival of U.S.carbon fabric for high temperature furnace and friction components.Producer and exporter of a range of Running Board suppliers for cars and trucks. gas and oil production with discoveries such as the Haynesville Shale in Louisiana and Utica Shale in Ohio.The Mobile crushing machine is featured with full range of mobile crushing products, specifications series and it can meet the needs of the majority of users. 
Gas Glut 

The success of the drilling methods led to a glut of North American gas that drove prices to a 10-year low in early 2012, causing Chesapeake to cut jobs, pledge to curtail capital spending and sell more than $10 billion in oilfields and pipelines to help close a gap between cash flow and drilling expenses. The company lost $1.07 billion during the first three quarters of last year and net debt ballooned by 56 percent during that period to $16.1 billion. 

The shareholders who pushed for McClendon’s ouster -- Carl Icahn, the billionaire activist investor, and O. Mason Hawkins of Southeastern Asset Management Inc. -- concluded that McClendon’s continued leadership was weighing on the stock, said the person, who spoke on condition of anonymity because the board’s discussions are private. 

Icahn and Hawkins didn’t immediately respond to messages left at their offices after normal business hours. 

Icahn and Southeastern together control more than 22 percent of Chesapeake stock, according to data compiled by Bloomberg, compared with McClendon’s stake of less than 1 percent. The shareholders last year appointed four new directors to the nine-member panel.