Chesapeake Energy up 6.8% After Founder Well Participation Program Termination

Chesapeake Energy

is trading higher on the session following the announcement that the company's board and CEO Aubrey K. McClendon agreed to early termination of its Founder Well Participation Program. The company also announced that it will name an independent non-executive chairman in the near future. Aubrey K. McClendon, Chesapeake's Chairman and CEO, stated: “I am completely supportive of the Board's plans to separate the positions of Chairman and CEO and to bring an independent Chairman onto the Board. This action reflects our determination to uphold strong corporate governance standards and will also enable me to focus my full time and attention on execution of the company's strategy, the implementation of our transformation into a major oil producer and the completion of our asset monetization and joint venture objectives.” Chesapeake Energy is currently trading at $19.70, a gain of $1.26 or 6.83%.