Chesapeake Appoints New CEO

By Marc Castro

May 20, 2013 09:58 AM EDT

In a stunning move, Chesapeake Energy Corp has hired Robert Douglas Lawler to become its new Chief Executive Officer. Lawler was hired from the company's chief rival Anadarko Petroleum Corp to fill the post formerly held by co-founder Aubrey McClendon.

Because of the news, the second biggest US natural gas production company's shares jumped 2% in trading before market close.

Lawler's previous position at Anadarko was VP foir international and deep water operations at Anadarko Petroleum. He would be joining Chesapeake on June 17, 2013.

Kinown as 'Doug', Lawler would be working with a board of directors that has undergone many changes after the McClendon issue and the liquidity crunch from last year. McClendon's resignation comes after several Reuters investigations found out improprieties that led to civil and criminal cases both within and outside the company. 

Last Friday, Chesapeake's shares closed at US$20.27 per share at the New York Stock Exchange.

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