Chesapeake Names Martin Nonexecutive Chairman
October 12 2015 - 5:30PM
Dow Jones News
Chesapeake Energy Corp. said director R. Brad Martin was
appointed as the U.S. shale driller's nonexecutive chairman,
succeeding Archie W. Dunham, who will become chairman emeritus.
Mr. Martin, who heads private investment firm RBM Ventures, was
appointed to Chesapeake's board in June of 2012, the same month
that Mr. Dunham was appointed as Chesapeake's nonexecutive
chairman.
Mr. Martin also is a retired chairman and chief executive of
luxury retailer Saks Inc. He began serving in both roles starting
in 1989 and was CEO until 2006 and remained chairman until
2007.
The shift comes nearly two weeks after Oklahoma City-based
Chesapeake said it laid off 15% of its workforce, cutting costs in
an effort to survive low oil and gas prices. As the result of weak
commodities prices, Chesapeake has reduced rig operations and cut
capital expenditures after failing to offset lower prices with
higher production.
Chesapeake is among the large U.S. energy companies that have
written down the value of their oil fields this year as a rout in
commodities prices has made properties across the country not worth
drilling.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 12, 2015 17:15 ET (21:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Chesapeake Energy (NASDAQ:CHK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chesapeake Energy (NASDAQ:CHK)
Historical Stock Chart
From Apr 2023 to Apr 2024