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Chesapeake audit committee chair quits after SEC probe
March 7, 2013 / 2:07 PM / in 5 years

Chesapeake audit committee chair quits after SEC probe

March 7 (Reuters) - Chesapeake Energy Corp, being investigated by regulators for a controversial perk to its chief executive, said the chairman of its audit committee has quit.

The board has accepted the resignation of Burns Hargis, the second-largest U.S. natural gas producer said in a statement on Thursday.

Louis Raspino, most recently the chief executive of Pride International Inc before its merger with Ensco Plc, will replace Hargis.

The U.S. Securities and Exchange Commission earlier this month escalated its probe into Chesapeake and its CEO Aubrey McClendon for a perk that granted him a share in each of the company’s wells.

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