“I had the opportunity to work with a lot of great people and do great things,” Price said. “I have no regrets about what I put into this company or what I think this company will do to rise again as a leader in the oil and gas industry.
“At 61, it's time to let the younger guys have the opportunity to do what they are all so good at. We expect some great things from this company going forward.”
Hood, 52, has worked for Chesapeake since 1995 and is senior vice president of land. Hood also served as general counsel from 2006 until last September, when he was replaced at that position by longtime Oklahoma City trial attorney James R. Webb.
“Chesapeake is a special, great place to work with wonderful, incredibly dedicated, hardworking people,” Hood told The Oklahoman on Wednesday. “I will miss working side-by-side with them every day, but I do look forward to pursuing new opportunities.” Hood had no other comment.
Wednesday's announcement comes just two days after McClendon left the company.
Industry analyst Mark Hanson said he is not surprised that Price and McClendon will be working together in the future.
“I didn't think this would be McClendon's last act,” Hanson said. “It looks like he's trying to reassemble his team.”
Hanson also pointed out that land and corporate and government relations are areas where Chesapeake's new board has said it plans to cut costs.
“Those positions probably were on the verge of extinction,” he said.
“Given the company's new focus on developing assets rather than buying leases, it sounds like they may be dismantling a bit there.”