By Deborah Rogers
Aubrey McClendon, the disgraced CEO of Chesapeake Energy, has chosen to “retire”. Chesapeake Energy stock values have plummeted, the company faces funding shortfalls in excess of $10 billion, significant assets, including midstream assets which are virtual cash cows for a company, have been sold to cover a reckless debt ratio, the company has not had a positive cash flow since 2001 and the company and Mr. McClendon are being investigated by multiple authorities.
Nevertheless, Mr. McClendon’s retirement package consists of approximately $47 million in compensation, including $33 million in stock options and use of the corporate jet for the next 4 years. This is presumably to reward Mr.McClendon for his stewardship of the publicly traded company. One can only imagine what he might have been “entitled” to had the company actually performed. Yet again, it becomes crystal clear that Americans have forgotten that it is they who own publicly traded companies. Until shareholders accept more responsibility for their companies, actions such as these will continue.