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"A spokesperson for Aubrey McClendon says he will step down as Chesapeake Energy's chairman once a replacement is found following complaints of an arrangement that allowed him to take personal stakes in the company's wells.\nClick Like For Oklahoma News Updates:McClendon, who is Chesapeake's founder, will remain as the company's CEO.The board of directors says it will name an independent, nonexecutive chairman in the near future.Concerns about a compensation plan, approved by the board, were amplified this month following reports that McClendon took out more than $1 billion in loans to pay for his stake in the wells. He got the money from groups that may have done business with Chesapeake in the past.\"I am  completely supportive of the board's plans to separate the positions of chairman and CEO and to bring an independent chairman on the board,\" said McClendon.\"We are pleased that the board has listened to our input and believe it has made the right decision by ending the Founder Well Participation Program early and seeking an independent chairman,\" said O. Mason Hawkins, chairman and CEO of Southeastern Asset Management, the company's largest shareholder.Follow Us: \n Twitter | \n Facebook | Get Wireless Alerts!"^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.koco.com/article/mcclendon-to-relinquish-chesapeake-chairmanship/4288303>