The second largest gas producer, said on Tuesday McKellen's chief executive and board members to step down. He left the legal difficulties and interlacing analysts say, can linger years of individuals and the interests of the enterprise.
One of the most difficult relaxation is up his signature. McKellen's control interests as much as in the Chesapeake well thousands of to 2.5%, according to the analysis of the Chesapeake bay and the United States securities and exchange commission (SEC) of the documents. The company has 45700 production of oil and gas well interests, according to its latest annual report.
McKellen's stake is a controversial interests, called party just to participate in the programme, the plan gave him his shares, each Wells in Chesapeake drill since 1993, he pay cost quite a share. He participated in the project, since every year, in addition to the 1999 and 2000 five quarter, the United States securities and exchange commission submitted documents show.
, McKellen's began to lose his company, according to Reuters, last year, he borrowed more than $100 million, his good concern, from a company, also invest in Chesapeake itself. This and other Reuters reported, the potential conflict of interest, and weak natural gas prices and bloated spending cash crisis, causing the investors of the resistance and the board of directors of the reorganization. Analysts said, and special part of the arrangement, his downfall, they will not be easy to relax.
"I saw him to continue to participate in, negative, he created these things, you will think they hurt share prices," said phil weiss, oil and natural gas Argus research analysts in New York. ", they won't leave just because he is part of his heritage, it is still."
The last supper
Chesapeake and program referral to a personal McKellen's spokesman declined to comment on the report.
The company said, already hired head-hunting company Heidrick&Struggles looking for his replacement. McKellen's leave message was sent the company's shares rose more than 6%.
Three people familiar with the situation said, members of the board of directors decided to seek a successor in the past few weeks, and called for help in Hyde think zhe. The man said, "the new director o. mason Hawkins patted last year by Chesapeake two largest shareholder, southeast of the asset management companies and Karl Icahn (Carl Icahn) has been promoting change, in order to fit the new chairman DengNa archie's leadership. Growth of new directors believe that the company's shares will not rebound, as long as an McKellen is still at the helm, they said.
McKellen's send E-mail to top Chesapeake manager, the board of directors after the announcement, he suggests a week ago in a dinner party, he and his vice President of the board of directors, he don't know thinking.
"This is in meditation, I at that time, he wrote:" in the email to read the contents of the Reuters reported.
Icahn reached by telephone on Wednesday, an McKellen beyond he said, in a press conference on Tuesday night, he praised the founder's vision, natural gas business exit to refused to comment on the report. Hawkins unable to comment. He refused to comment on the DengNa.
Before the announcement, the serious financial crisis and governance crisis battering Chesapeake the crazy one year. Reuters reports sparked official probe, and trigger shareholder litigation. The United States securities and exchange commission, the United States department of justice and the board of directors are now investigating whether, McKellen's fuzzy his personal and business transactions between, and a possible violation of antitrust. The committee said that the review of the trigger McKellen's start.
In June, according TO Reuters, is the Chesapeake discussion and Canada energy company (ECA. TO), its main rival, the plan in Michigan, one of the inhibition of land price. This whether in Michigan and the department of justice is under investigation. Two weeks ago, Canada energy company CEO Randy Eresman said he to step down. Previously, according to Reuters McKellen's personal loan arrangement was more than $1.3 billion, from EIG, global energy cooperation partners, an investment management company, is also a big investors in the Chesapeake. EIG said, trading is appropriate.
"Important cooperation partner"
Chesapeake company announcement, marks the company is expected to feel he is quite a long time.
McKellen's "will continue to be an important partner, the company to his stock ownership, as well as their own interests in some company well," it said in a statement.



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