Three Chesapeake Energy Executives Go Into Post-Bankruptcy Reshuffle
Through Simon Casey and Sergio Chapa at 06/13/2021
Chesapeake Energy Headquarters
(Bloomberg) – Chesapeake Energy has said three executives are leaving, marking the latest reshuffle in the senior ranks of the Oklahoma oil and gas producer since it emerged from bankruptcy four months ago.
Executive Vice President of Exploration and Production Frank J. Patterson; Executive Vice President, General Counsel and Corporate Secretary James R. Webb; and Senior Vice President and Chief Accounting Officer William M. Buergler left the company on Friday June 11eChesapeake said in a filing.
Chesapeake was at the forefront of the shale gas boom at the turn of the century, but racked up huge debts which ultimately led to its bankruptcy. He left Chapter 11 protection in February. Doug Lawler has stepped down as Managing Director and the company has yet to appoint a permanent replacement.
The company said on file that the departure of the three executives was mutually agreed upon and was in each case treated as dismissal without cause. They will receive severance pay in accordance with their employment contracts.
“All three have been valued members of the Chesapeake leadership team, serving as mentors to countless employees and playing a critical role in building our culture, promoting operational and technical excellence, resolving legacy legal and regulatory issues and the modernization of our accounting systems, ”he added. CEO Mike Wichterich said in an internal memo seen by Bloomberg and confirmed by the company.
Effective June 12, the company’s associate general counsel Ben Russ will assume leadership of the legal, government and regulatory affairs, corporate security and facilities teams, reporting directly to Wichterich, according to the memo. .
The Exploration and Production, Health, Safety, Environment and Regulatory, and Human Resources teams will also report to Wichterich, while Senior Accounting Director Greg Larson will lead the accounting teams and Tax, reporting to Executive Vice President and Chief Financial Officer Nick Dell. Osso, according to the memo.