News Summary: Chesapeake CEO cleared

Posted at: 02/20/2013 2:38 PM
By The Associated Press

CEO CLEARED: An investigation by Chesapeake Energy’s board into CEO Aubrey McClendon’s personal deals with company partners found McClendon didn’t benefit improperly.

PRICEY PERK: McClendon had a special arrangement with the company that allowed him to invest personally in the oil and gas wells the company drilled. As the company got bigger and drilled more wells, McClendon had to borrow heavily to finance the deals. He sometimes did that with firms Chesapeake was negotiating with on separate deals.

MOVING ON: McClendon will leave the company April 1 as announced last month over differences with the board.