Chesapeake CEO Lawler to step down months after bankruptcy exit
Source: Forbes
Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and a sudden decline in demand and oil prices spurred by the COVID-19 pandemic.
It emerged from bankruptcy in February, through a plan that saw it shedding about $7.7 billion in debt.
Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016.
In an interview with Reuters in February, Lawler had said the company was unable to invest enough in operations to turn a profit while simultaneously paying down $9 billion in debt, and that “led us to make decisions that weren’t always the best”.
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Chesapeake CEO Lawler to step down months after bankruptcy exit
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