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Chesapeake CEO Agrees To Rework His Contract-WSJ

|Includes: Chesapeake Energy Corporation (CHK)

It looks like due to all of the negative press coverage and the dropping share price, Chesapeake (NYSE:CHK) CEO Aubrey McClendon is agreeing to negotiate an early termination for a program that allows him to invest in new wells. This really doesn't seem like enough as he owes over $1 billion on these wells. Chesapeake has not been run for shareholders but instead has been run in the best interests of McClendon. He blew himself up by using too much leverage in 2009 and to see him making the same mistakes is really disturbing. The Chesapeake's stock to do better I really think McClendon needs to step down, and somebody with a little more restraint needs to come in that won't insist on spending far more than their operating cash flow each year.

Disclosure: I am long CHK.