OKLAHOMA CITY (KFOR) – One week after announcing that it was terminating an agreement with a well known arena, Chesapeake Energy Corporation announced another major change.
On Tuesday, Chesapeake announced that CEO Doug Lawler would be leaving his position with the company on April 30, 2021.
Mike Wichterich, the Chair of Chesapeake’s Board of Directors, will serve as Interim Chief Executive Officer while the Board of Directors searches for a new CEO in the coming months.
“On behalf of the Board of Directors, Chesapeake’s employees and its shareholders, I would like to thank Doug for the vision and leadership he provided for the past 8 years. He guided Chesapeake through a difficult period, repositioned Chesapeake’s portfolio of assets, and built a corporate culture which will serve as a platform for future success. I firmly believe that the investment thesis supporting Chesapeake is compelling, and my confidence in the renewed strength of the company continues to grow.”Mike Wichterich, Chair of Chesapeake’s Board of Directors and Interim Chief Executive Officer.
The announcement comes one week after the Oklahoma City Thunder announced that Chesapeake was terminating its arena naming rights agreement with the team, effective immediately.
As a result, the Chesapeake Energy Arena will take on a new name once a partnering company is found.
Chesapeake officials said the move was part of a restructuring plan.