Monday, May 7, 2012

$CHK Board of Directors Needs to Go First

The "Hire Shire" campaign roles on as we push for Devon Shire to be the next Chesapeake Energy Chairman.

In the article below Shire observes that when the babysitter lets the kids drink a twelve pack of Coca-cola, you  fire the babysitter, not the kids and how that is similar in to the Chesapeake Board and McClendon:

I'm a Chesapeake Energy (CHK) shareholder. As you may have guessed, I am a little disgruntled these days.
I'm sure you know why I'm disgruntled, but in case you don't here is my list of grievances:
  1. In 2008 with the world in financial chaos and heading into a very scary recession (and as far as we knew then, possibly depression) Chesapeake paid its CEO a bonus of $75 million. At a time when the capital markets were absolutely frozen and oil and gas prices plummeting, paying out this kind of cash was clearly not in the best interests of Chesapeake shareholders.
  2. Also in 2008 with the world in financial chaos, Chesapeake Energy bought a collection of antique maps from its CEO for $12 million. I don't actually work on a drilling rig, but I'm almost certain that an energy company does not need antique maps to operate.
Entire article:

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