Chesapeake cuts 10% of job

October 9
12:06 AM 2013

Chesapeake Energy Corp had cut down 10% of their workforce this year. The company had slashed 1200 jobs, said the second largest natural gas producer in the US last Tuesday. The job reduction had been accelerated under the new chief executive of the company, Doug Lawler.

In June, Lawler became the new chief executive official of Chesapeake Energy. He promised to control the company's spending and lift the natural gas producer's profits. This was after the ouster of the former CEO, Aubrey McClendon in April.

McClendon was known for his spending on perks for employees and his appetite for oil and gas properties acquisition in the US, said a Reuters report. Meanwhile, Lawler had been building a reputation to focus on the core business of Chesapeake Energy.

The company's stock price had increased by 20% since the takeover of Lawler. Chesapeake had sold around USD4 billion in assets this year in addition to job reduction.

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