News Summary: Chesapeake names new CEO

AP News
Posted: May 20, 2013 2:43 PM

THE NEW GUY: Chesapeake Energy named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO. Lawler is a petroleum engineer with 25 years of experience in the exploration and production industry.

THE OLD GUY: Founder and former CEO Aubrey McClendon left the company last month. He and the board cited "philosophical differences." McClendon departed less than a year after a plan that allowed him to invest in the energy company's wells came under fire.

THE CHALLENGE: Lawler must continue a strategy of divesting nonstrategic assets while spending funds wisely to free Chesapeake from a burdensome debt level.