Aubrey McClendon, the embattled chief executive of natural gas company Chesapeake Energy, will relinquish his title as chairman of the board, the company said Tuesday.How the hell does this asshole not get fired outright? What does it say about the state of the energy industry & corporate America that this guy is revealed to be using Chesapeake Energy as his own personal piggybank and he still gets to stay on as chief executive officer?
The news follows last week's announcement by Chesapeake that McClendon agreed to negotiate an early termination of the controversial Founder Well Participation Program (FWPP), which allowed him to take personal stakes in wells drilled by the company.
The incentive program came under fire last month following news that McClendon took out loans worth over $1 billion against his personal stake in the company's wells, raising concerns about a conflict of interest.
Side note: McClendon is also one of the weasels who helped screw over Seattle Sonics basketball fans.