Chesapeake Energy Corp’s new CEO will receive a 2013 compensation package valued at more than $22 million, according to a filing with the U.S. Securities and Exchange Commission.
Lawler is slated to take the helm at Chesapeake on June 17, after leaving Anadarko Petroleum Corp. as senior vice president of international and deep-water operations.
Chesapeake estimated Lawler’s prorated cash bonus for 2013 to be at least $800,000, according to the filing.
He will receive a signing bonus of $4.5 million, including $2 million in cash and $2.5 million in stock awards, according to the SEC filing.
His equity compensation for 2013 will be $10.5 million, vested in equal installments over three years, the filing said.
He gets another $5 million in stock awards to make up for his lost pension from Anadarko, with the possibility of an additional $5 million if he stays with the company for five years.
Chesapeake co-founder Aubrey McClendon stepped down as CEO earlier this year, amid mounting financial troubles for the company, questionable executive perks and allegations of collusion. He had a 2012 compensation package of $16.9 million, with a cash salary of $975,000.
Chesapeake is the nation’s second largest natural gas producer after Exxon Mobil Corp. It has struggled with low revenue as natural gas prices have slumped in the United States, leaving the company with a $3.5 billion cash shortfall. Chesapeake has turned to debt and asset sales to fund operations.