Chesapeake Energy CEO Doug Lawler steps down

Chesapeake Energy announced the departure of Doug Lawler from his position as CEO effective 30 April. Mike Wichterich, Chair of the company’s Board of Directors, will serve as Interim CEO while the Board of Directors conducts a search for a new CEO, which it expects to complete over the coming months.

“On behalf of the Board of Directors, Chesapeake’s employees and its shareholders, I would like to thank Doug for the vision and leadership he provided for the past eight years,” Mr Wichterich said. “He guided Chesapeake through a difficult period, repositioned Chesapeake’s portfolio of assets, and built a corporate culture which will serve as a platform for future success. I firmly believe that the investment thesis supporting Chesapeake is compelling, and my confidence in the renewed strength of the company continues to grow.”

Mr Wichterich intends to continue in his role as Chair of the Board of Directors following the appointment of Chesapeake’s new Chief Executive Officer. During the period that Mr Wichterich will serve as both the Chair of the Board of Directors and Interim Chief Executive Officer, Matt Gallagher, the Chair of Chesapeake’s Nominating and Governance Committee, will serve as Lead Independent Director.