Chesapeake says no bonus for CEO in 2012

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Associated Press

Posted on January 7, 2013 at 6:00 PM

Updated Monday, Jan 7 at 6:02 PM

OKLAHOMA CITY (AP) — Chesapeake Energy Corp. will not give its CEO Aubrey McClendon a bonus for 2012 and is limiting his use of company jets.

The oil and gas company stripped its founder of his chairman title in June after a series of corporate-governance issues upset investors. Those included a report that McClendon took a personal loan from a company that was doing business with Chesapeake.

Chesapeake has also been struggling financially, due in part to a plunge in natural-gas prices. It has cut jobs, sold assets and disclosed in a regulatory filing Monday that it is substantially reducing executive annual incentive compensation for 2012.

The company is also cutting back on executive perks and developing compensation plans for 2013 tied to performance.

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