Chesapeake Employees Did About $3 Million Worth of Work for CEO in 2010, Records Show -Reuters

Date : 06/07/2012 @ 8:07AM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 5.54  -0.13 (-2.29%) @ 3:19PM

Chesapeake Employees Did About $3 Million Worth of Work for CEO in 2010, Records Show -Reuters

Chesapeake (NYSE:CHK)
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Chesapeake Energy Corp. (CHK) Chief Executive Aubrey McClendon in 2010 and 2012 used company employees to work on personal projects at a total cost of about $6.2 million, although the CEO reimbursed all but $250,000 in each year, Reuters reported Thursday on its website, citing a review of internal records.

Other records cited by Reuters indicate McClendon has leveraged future profits in professional basketball team the Oklahoma City Thunder, in which he holds a 19% stake. Internal flight logs also reviewed show McClendon took $2.5 million worth of business flights in 2010, often with family members.

Chesapeake declined comment to Reuters as did a spokesman for McClendon.

Full story at: www.reuters.com/article/2012/06/07/us-chesapeake-akm-wire-idUSBRE8560HX20120607

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