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Chesapeake stock rises after CEO announces retirement plan

Chesapeake Energy Corp.'s stock rose 6 percent Wednesday, the first day after CEO Aubrey McClendon announced his impending retirement.
BY JAY F. MARKS Published: January 31, 2013

“If Chesapeake is indeed serious about entering a ‘harvest' mode and living closer within its means, the company is better served having a leader who embodies that strategy,” Brackett wrote in his report on McClendon's looming departure.

Closer to home, community leaders continued to praise McClendon for his contributions.

“Aubrey McClendon has been good to his employees, good for his shareholders and good to his hometown,” Oklahoma City Mayor Mick Cornett said. “I look forward to seeing what he chooses to do next.”

Rodney Bivens, executive director of the Regional Food Bank of Oklahoma, said McClendon has had a tremendous impact on the area's nonprofit agencies.

“I think Aubrey has been in the forefront of really establishing the philanthropic corporate giving in the community as well as statewide,” he said. “He's one of those individuals. He doesn't ask someone else to do something (if) he's not willing to step up to the plate and do it himself.

“That something I really admire.”

OGE Energy Corp. CEO Pete Delaney lauded McClendon as a “visionary” in the oil and natural gas industry.

“Several years ago when the natural gas industry was warning about declining U.S. production, Aubrey was the only one telling me not to worry about adequate gas supply in the future for OG&E (Oklahoma Gas and Electric Co.) power plants,” Delaney said.

Delaney said McClendon also made Chesapeake an integral part of Oklahoma City.

“Under his leadership, Chesapeake has been a tremendous supporter of our community and has no doubt contributed significantly to the city's economic success and renaissance,” he said.


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