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Chesapeake's McClendon to get $11.7 million in cash compensation


(Reuters) - Chesapeake Energy Corp, the second-largest natural gas producer in the United States, said outgoing Chief Executive Aubrey McClendon would receive about $11.7 million in cash compensation over four years.

The company also said McClendon's departure would be treated as a termination without cause. http://link.reuters.com/xek65t

The compensation is based on an annual base salary of $975,000 and a bonus compensation of $1.95 million, the company said in a filing with securities regulators.

Chesapeake said on Tuesday McClendon will step down on April 1, after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the company.

McClendon is entitled to total compensation of about $47 million, including restricted stock awards already given to him that have a value of $33.5 million, Reuters reported on Tuesday, citing a person familiar with the compensation package.

McClendon has made news outside of his Chesapeake holdings in recent years as a part owner of the NBA's Oklahoma City Thunder, and of his ownership of land in Saugatuck, Michigan that is under some controversy, for his holding company wants to build a luxury condo-resort, while environmentalists want to keep that dune land near Lake Michigan from any development.

(Reporting by Krishna N. Das; Editing by Sriraj Kalluvila and by WHTC News, Holland, MI)