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Chesapeake Energy CEO Lawler to Step Down

Chesapeake Energy CEO Doug Lawler will leave the company after eight years in the post, not long after the energy company exited Chapter 11.

Chesapeake Energy  (CHK) - Get Chesapeake Energy Corporation Report Chief Executive Doug Lawler will step down, less than three months after the company exited bankruptcy proceedings, media reports say.

The CEO will leave April 30. Chairman Mike Wichterich will add the post of interim CEO while the Oklahoma City oil-and-gas company searches for Lawler's successor, Chesapeake Energy said in a statement on Tuesday.

Lawler was CEO for eight years. Dow Jones reports that an internal memo indicates “the move isn't a reflection of his performance or the result of any action on his part.”

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Matt Gallagher, a Chesapeake Energy director who chairs the board's nominating and governance committee, will serve as lead independent director while Wichterich serves as interim CEO.

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The company was once considered an “icon of the U.S. shale boom,” under the leadership of Aubrey McClendon a decade prior, Bloomberg News reports.

It was the second-largest gas producer in the U.S.

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The company was “overwhelmed by huge debts racked up during an earlier period of soaring energy prices,” the news service added.

Chesapeake filed for Chapter 11 bankruptcy in June 2020. It exited bankruptcy proceedings in February as a much smaller company after a financial restructuring.

At last check Chesapeake Energy shares were trading 0.8% higher at $47.25.