(Reuters) - Chesapeake Energy Corp’s (CHK.N) new independent chairman will receive Chesapeake stock awards valued at $750,000 along with cash compensation that will based on his length of service, according to a regulatory filing on Wednesday.
Archie Dunham, former chairman of ConocoPhillips (COP.N), replaced Chief Executive Aubrey McClendon as chairman on Thursday. The company’s board stripped McClendon of the title in part due to a governance crisis at the U.S. oil and gas company.
Dunham received an initial restricted stock awards valued at about $500,000 and an annual restricted stock award valued at $250,000, according to a filing with the U.S. Securities and Exchange Commission.
Chesapeake’s directors’ compensation was cut 20 percent in May after criticism from investors. Directors now receive an annual stock award of $250,000 and a cash retainer of $100,000.
The company’s four new directors and Dunham who were named on Thursday will receive cash compensation this year on a pro-rated basis, the filing said.
Reporting By Anna Driver; Editing by David Gregorio