Chesapeake Energy Corp. has named a new chairman to replace its controversial founder, Aubrey McClendon. McClendon, who remains CEO and president, was stripped of his chairmanship after a series of corporate governance issues angered investors. The issues included a report that McClendon took a personal loan from a company that was doing business with Chesapeake.
Chesapeake appointed Archie Dunham, a former ConocoPhillips chairman, as an independent non-executive chairman. Dunham, 73, has no prior relationship with Chesapeake.
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