Executive Positions Cut At Chesapeake Energy


Tuesday, September 10th 2013, 1:12 pm
By: News 9


Oklahoma City-based Chesapeake Energy has made another round of personnel cuts, as part of an ongoing effort to right-size the company.

Sources told News 9 that numerous high level employees – vice presidents – were informed today that their positions had been cut.  A statement from Chesapeake confirms that it is "transitioning key leadership positions and making adjustments to its organization to properly align resources, reduce expenses, and improve its operating and competitive performance."

The company would not reveal the exact number of positions cut.  Chesapeake currently employs 12,000 people in more than a dozen states.

Last month, the company announced the departures of several of the executive V.P.s who had served for years under co-founder and former CEO Aubrey McClendon, who left Chesapeake in April.

In an email to all employees this afternoon, current CEO Doug Lawler said these moves support the company's "new strategies of financial discipline and profitable and efficient growth from captured resources."

Lawler went on to say, "We are confident this structure will help Chesapeake successfully achieve our goal of becoming a top performing E&P company."

Additionally, Lawler told employees that more organizational changes should be anticipated in the coming weeks.

Here is the entire statement from Chesapeake regarding its latest personnel moves:

"Chesapeake is transitioning key leadership positions and making adjustments to its  organization to properly align resources, reduce expenses, and improve its operating and competitive performance.  The company's focus remains on financial discipline and profitable and efficient growth from captured resources.  We look forward to realizing Chesapeake's full potential for our shareholders and employees."