Chesapeake Names Martin Nonexecutive Chairman

Chesapeake Energy Corp. said director R. Brad Martin was appointed as the U.S. shale driller's nonexecutive chairman, succeeding Archie W. Dunham, who will become chairman emeritus.

Mr. Martin, who heads private investment firm RBM Ventures, was appointed to Chesapeake's board in June of 2012, the same month that Mr. Dunham was appointed as Chesapeake's nonexecutive chairman.

Mr. Martin also is a retired chairman and chief executive of luxury retailer Saks Inc. He began serving in both roles starting in 1989 and was CEO until 2006 and remained chairman until 2007.

The shift comes nearly two weeks after Oklahoma City-based Chesapeake said it laid off 15% of its workforce, cutting costs in an effort to survive low oil and gas prices. As the result of weak commodities prices, Chesapeake has reduced rig operations and cut capital expenditures after failing to offset lower prices with higher production.

Chesapeake is among the large U.S. energy companies that have written down the value of their oil fields this year as a rout in commodities prices has made properties across the country not worth drilling.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires

October 12, 2015 17:15 ET (21:15 GMT)

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