By Andrew Restuccia - 05/02/12 04:07 PM EDT
Amid the ongoing firestorm over McClendon, Chesapeake’s board of directors announced an agreement Tuesday to end the FWPP on June 30, 2014. McClendon also agreed to step down as chairman of the company. But he will maintain his role as CEO.
During the conference call Wednesday, McClendon pointed to “misinformation” about his financial dealings.
“There has been enormous and unprecedented scrutiny of our company and me personally. And a great deal of misinformation has been published and uncertainty created,” he said.
“Your mother told you not to believe everything you read or hear for good reason, and that’s certainly been the case in the past two weeks.”
McClendon said the FWPP, which was approved by the company’s shareholders in 2005, “has always aligned my interests with the company’s interests and ensured that I had skin in the game uniquely among other CEOs.”
He said he was “very pleased” with the agreement reached to terminate the FWPP early, adding that he “enthusiastically supports” bringing in a new chairman with no major relationship with Chesapeake.
McClendon said he hopes the agreement will “adequately address the questions and the misunderstandings that have been bouncing around in the marketplace and in the media.”
“Despite all the noise of the past two weeks, my primary job as CEO has and always will be to build long-term value along with attracting short-term returns for the company and all of its stakeholders,” McClendon said. “That is the task at hand and that is and has been my primary focus for the last 20 years.”