New Chesapeake chair gets stock valued at $750,000

Wed Jun 27, 2012 7:12pm EDT
 
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(Reuters) - Chesapeake Energy Corp's (CHK.N: Quote) 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: Quote), 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)

 
Chesapeake Energy Corporation's 50 acre campus is seen in Oklahoma City, Oklahoma, April 17, 2012. REUTERS/Steve Sisney