New Chesapeake chief reduces perks, assets of ousted co-founder

By Rizza Sta. Ana

Oct 12, 2013 11:58 AM EDT

Chesapeake Energy Corp under its new leadership had resorted to not follow in the footsteps of its ousted co-founder Aubrey McClendon.

New chief executive officer Doug Lawler would reportedly control the company's costs. Lawler had also vowed to shift the company's focus to its core business, which is natural gas.

Lawler's efforts to trim the company down resulted to the sale of around USD4 billion of its assets and reduction of 1,200 jobs. Lawler would reportedly complete his action plan on November 1st.

McClendon was a known free-spender and until his departure in April this year, had spent company money on mostly unnecessary assets and expenses. Chesapeake had acquired oil and gas properties in the country's shale basins. Reuters saw internal records and confirmed that the company paid excessive salaries for employees who had not necessarily contributed to the company's operations.

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