The departure of the three executives follows the exit of former Chesapeake Energy CEO Doug Lawler and the conclusion of its bankruptcy reorganization earlier this year. (Source: Shutterstock.com; Chesapeake Energy logo by Casimiro PT / Shutterstock.com)
Three top executives at Chesapeake Energy Corp. are out, according to a regulatory filing on June 11.
Chesapeake Energy Executive Vice President of E&P Frank Patterson as well as James Webb, general counsel, and William Buergler, senior vice president, agreed to leave the company, said a filing with the U.S. Securities and Exchange Commission.
The departure of the three executives from the leadership team at the Oklahoma City-based E&P company follows the exit of its CEO, Doug Lawler, in April and the conclusion of Chesapeake Energy’s bankruptcy reorganization earlier this year.
In the filing, Chesapeake said its board of directors treated the departures of Patterson, Webb and Buergler as termination without cause, which included severance payments.
RELATED:
Chesapeake Energy Names Mike Wichterich Interim CEO as Doug Lawler Steps Down
Chesapeake Energy, once the second-largest natural gas producer in the U.S., voluntarily filed for Chapter 11 bankruptcy last June. The company completed its court-approved plan of reorganization in February, emerging from bankruptcy with approximately $7.8 billion of debt equitized.
According to a report by Reuters, Chesapeake employees on June 15 will attend a town hall presentation led by Board Chairman Mike Wichterich, who is serving as interim CEO, and CFO Domenic Dell’Osso.
During the presentation, Wichterich and Dell’Osso will “share additional thoughts on our path forward as a company, provide an update on our search for a permanent CEO, and give additional details on our compensation,” said an internal memo seen by Reuters.
The memo, signed by Wichterich, also detailed the reporting chain of command following executive changes on June 11 and wished the departing executives “the best of luck in their future endeavors.”
Reuters contributed to this article.
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