Three Chesapeake Energy executives are leaving after bankruptcy


By Simon Casey and Sergio Chapa on 06/13/2021

Chesapeake Energy headquarters

(Bloomberg) –Chesapeake Energy said three executives will be leaving the company in what marks the most recent change in leadership positions at oil and gas producer Oklahoma since it went bankrupt four months ago.

Executive Vice President, 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 on Friday, June 11ththesaid Chesapeake on a file.

Chesapeake was at the forefront of the shale gas boom earlier this century but ran into huge debts that ultimately led to its bankruptcy. It left Chapter 11 protection in February. Doug Lawler has stepped down as chief executive officer and the company has yet to appoint a permanent successor.

The company announced in the registration that the exit of the three executives was mutually agreed and will in any case be treated as a termination without giving reasons. They receive a severance payment in accordance with their employment contracts.

“All three were valued members of the Chesapeake leadership team who have served as mentors to countless employees and have played critical roles in building our corporate culture, fostering operational and technical excellence, overcoming existing legal and regulatory challenges, and modernizing our accounting systems.” said Chairman and Interim CEO Mike Wichterich in an internal memo that Bloomberg reviewed and approved by the company.

Effective June 12, Ben Russ, Associate General Counsel of the company, will lead the legal, government and regulatory affairs, corporate security and facilities teams and report directly to Wichterich, according to the announcement.

The Exploration and Production, Health, Safety, Environment and Regulatory, and Human Resources teams will also report to Wichterich, while Greg Larson, Senior Manager Accounting, will lead the accounting and tax teams and to Executive Vice President and Chief Financial Officer Nick Osso, according to the memo.

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