NEW YORK ( TheStreet) -- Retired ConocoPhillips (COP) CEO Archie Dunham, brought in by Chesapeake Energy (CHK) to undo the mess made by CEO Aubrey McClendon and restore confidence in the oil and gas driller, is putting his money where his mouth is as non-executive chairman of Chesapeake.
Dunham purchased $1.5 million worth of Chesapeake shares at an average price of $20 in the past week, in two transactions that total more than the $1.1 million that Chesapeake has agreed to pay Dunham in stock and cash this year to serve as chairman, according to Securities and Exchange Commission filings.
The Chesapeake stock buy from Dunham -- 75,000 shares -- increased his existing stake by 30%, to 326,000 shares. Dunham owned 251,391 shares prior to the purchase -- including 51,000 shares across two stock awards given this past summer as part of his compensation as chairman. He was already an owner of 200,000 shares before joining Chesapeake as chairman.
Each newly appointed director at Chesapeake, including Dunham, received 10,000 shares of Chesapeake stock on July 2, the filings reveal. Dunham also received an initial restricted stock award worth $500,000 and an annual stock award valued at $250,000 when he agreed to serve as chairman. His total annual compensation was valued at $1.1 million by Bloomberg, based on company filings.Insider sales tracker
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