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Opening Credit: A practitioner's guide to credit investment by Justin McGowan, Duncan Sankey

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2. Management and Governance: Case Studies

Case study I: Chesapeake Energy

Background

Aubrey McClendon co-founded Chesapeake Energy (CHK) in July 1989 and assumed the roles of chairman, president and CEO (something that, in itself, should have been a concern). Unlike many occupiers of these roles at major US corporations, therefore, he is a genuine entrepreneur, who put up his own capital to found the company and drove its growth from a humble start-up to the US’s second-largest natural gas producer.

The course of 2012 was not smooth for natural gas prices, McClendon or the owners of CHK stock and bonds. In late April, it was revealed that he benefited from an executive perk called the Founder’s Well Participation Programme (FWPP), allowing ...

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