AP
Chesapeake's Chairman and CEO Aubrey McClendon said he's 'deeply sorry' for the turmoil caused by his personal financial dealings.
By Roland Jones
Shares of Chesapeake Energy (CHK) are among the worst performers in the market Wednesday after Chairman and Chief Executive Aubrey McClendon said he was ?deeply sorry? for the turmoil caused by his personal financial dealings.
Shares of the natural gas company were lately down 13.60 percent at $16.94 -- their largest decline in more than three years.
McClendon hit the headlines this week over his executive compensation plan, in which he was granted stakes in company wells. The plan sparked investor anger and potentially created serious conflicts of interest for the company. Chesapeake said Wednesday it plans to replace McClendon as chairman and bring an early end to compensation plan involving the wells.
Also weighing on investor sentiment was Chesapeake?s disappointing first-quarter earnings report, in which it said it plans to further scale back its gas drilling plans.
McClendon offered his apology on an earnings conference call Wednesday.
?There?s been enormous and unprecedented scrutiny of our company, and of me personally. And a great deal of misinformation has been published, and uncertainty created,? McClendon said.
Separately, a Reuters investigation has found that McClendon ran a $200 million hedge fund that was registered at Chesapeake's Oklahoma City office from 2004 to 2008 and traded in the same commodities Chesapeake produces.
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Reuters contributed to this report.
CNBC's Kate Kelly reports the latest details since Chesapeake's CEO Aubrey McClendon stated he was "deeply sorry for all the distractions this week."
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