Chesapeake CEO Lawler steps down months after bankruptcy emergence

imageStock Markets11 minutes ago (Apr 27, 2021 08:40AM ET)

(C) Reuters.

(Reuters) -Chesapeake Energy Corp said on Tuesday Chief Executive Officer Doug Lawler will step down from his position at the end of April, just months after the company re-emerged from a highly watched bankruptcy reorganization.

Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection last June, reeling from overspending on assets and a sudden decline in demand and oil prices spurred by the COVID-19 pandemic. It emerged from bankruptcy in February this year.

Lawler took the reins at Chesapeake in 2013 after the company’s wildcatter founder Aubrey McClendon stepped down amid investigations into possible antitrust violations. McClendon died in a car accident in 2016.

The company said on Tuesday its board chair Mike Wichterich will serve as interim CEO, while it searches for a permanent replacement.

Chesapeake CEO Lawler steps down months after bankruptcy emergence

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