Chesapeake Energy Corp., the natural gas producer that announced the dismissal of co-founder Aubrey McClendon five weeks ago, said former Pride International Inc. CEO Louis Raspino has joined the board.
Raspino replaces V. Burns Hargis, who resigned, Chesapeake said in a statement today. Hargis offered to quit in June following a shareholder vote opposing his re-election but was allowed to remain on the board to help conduct an inquiry into McClendon’s private portfolio.
The inquiry concluded last month and found no intentional misconduct by McClendon in his use of personal stakes in company-owned wells to obtain more than $800 million in private loans from some of Chesapeake’s largest financiers.
“Over the past several months, I have admired Burns’ unselfish service on our board,” Archie Dunham, who replaced McClendon as chairman in June, said in the statement today.
Raspino, a Louisiana State University-trained accountant, led Pride until its 2011 acquisition by Ensco Plc. He will lead the audit committee at Oklahoma City-based Chesapeake.