Wednesday, April 29, 2009

Shareowners outraged over Chesapeake CEO McLendon’s salary

HOUSTON - Shareholders are up in arms after learning that Chesapeake Energy Corp. paid Aubrey McClendon, its chairman and chief executive, $112 million in 2008.
On April 27, The Wall Street Journal reported that McClendon raked in a one-time $75 million bonus, a base salary of $975,000 and $32.7 million in stock, making it one of the richest pay packages for any corporate executive last year.
While Chesapeake and McClendon both declined to offer the Journal a comment, shareholders are more outspoken. "I have never seen a more shameful document than the Chesapeake proxy statement," wrote investor Jeffrey Bronchick in a letter to the natural gas company's board. "If I could reduce it to one page, I would frame and hang it on my office wall as a near perfect illustration of the complete collapse of appropriate corporate governance."

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