(Bloomberg) -- Chesapeake Energy Corp. Chief Executive Officer Doug Lawler is exiting less than three months after the oil and gas company, a one-time icon of the U.S. shale boom, emerged from bankruptcy.
Lawler’s departure is effective April 30 and Chesapeake’s board is searching for a replacement, the Oklahoma City-based company said Tuesday in a statement. Chairman Mike Wichterich will serve as interim CEO.
Lawler led the company for almost eight years, a tumultuous time for Chesapeake as it grappled with, and was eventually overwhelmed by, huge debts racked up during an earlier period of soaring energy prices. Chesapeake, which found fame a decade earlier under the leadership of Aubrey McClendon, emerged from Chapter 11 bankruptcy protection in February as a much smaller company.
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