We should all have a gig like this …
Chesapeake Energy CEO Defends His Stewardship – WSJ.com
Mr. McClendon on Friday said the drop in Chesapeake's share price was because of the declining economy and the falling price of natural gas, not his leadership. …
"Gas prices, as they pulled us down, will push us up. There's no question about it," Mr. McClendon said.
Much of the shareholder criticism has focused on the board, particularly its decision to grant Mr. McClendon a one-time $75 million bonus at the end of last year. Critics have called the bonus a bailout to help Mr. McClendon recover after he was forced to sell nearly all his Chesapeake shares because of a margin call last fall.
Critics also question whether it was appropriate for Chesapeake to pay $3.5 million to sponsor a basketball team part-owned by Mr. McClendon, buy $177,150 in food from a restaurant Mr. McClendon half-owns and spend $12.1 million for maps and artwork from Mr. McClendon's personal collection.
Several pension funds have sued Chesapeake, demanding Mr. McClendon return the bonus.
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