Thursday, June 7, 2012
Chesapeake documents detail how CEO fuses personal, corporate interests
(Reuters) - Aubrey K. McClendon, the chief executive officer of Chesapeake Energy Corp, has intertwined his personal and financial interests with those of the publicly traded company he runs to a far greater degree than shareholders may realize, according to interviews, public records and hundreds of internal Chesapeake documents reviewed by Reuters.
The executive has deployed a team of Chesapeake employees to handle his personal business affairs and uses the corporate jet regularly to ferry family members and friends to holiday destinations, the internal records show.
McClendon's use of Chesapeake resources is so extensive that a special unit, informally known as "AKM Operations," is housed on the corporate campus and employs six full-time employees and the time of scores of others to carry out accounting and engineering services.
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