You think you Can PUSH AROUND Big Oil
By Dwight Baker
May 2, 2012
Chesapeake's McClendon to give up chairman post http://www.wdbo.com/ap/ap/business/chesapeake...
McClendon, 52, spent most of his adult life searching for natural gas and oil in the U.S. He co-founded Chesapeake in 1989, turning an initial $50,000 investment into America's second-largest natural gas producer behind Exxon Mobil Corp.
His success brought a flood of prestige and significant wealth. He was America's top-paid CEO in 2008, receiving compensation worth $112.5 million. He established himself as a leading spokesman for the benefits of natural gas. And he became a part owner of the NBA's Oklahoma City Thunder.
I am completely supportive of the board's plans," McClendon said in a statement. The actions will "enable me to focus my full time and attention on execution of the company's strategy."
McClendon puts the principal amount of the loans at $846 million.
The board is reviewing McClendon's loans. The Internal Revenue Service also is looking at the well-investment program.
McClendon has been a high-risk taker his entire career. He did things that others were not accustomed to doing. He made giant strides in the natural gas drilling completion and production business but through it all he became a real threat to the Old Big Oil Titans that simply do not like or will submit to anyone that rages on and is in fact Real Competition.
So what now, is his kingdom crumbling around him?
I think so.