UPDATE 1-Chesapeake's McClendon will not receive 2012 bonus-filing
Jan 7 (Reuters) - Chesapeake Energy Corp, the U.S. oil and gas company battling a governance crisis and financial strain, said on Monday its chief executive officer, Aubrey McClendon, will not receive a bonus for 2012.
Last year was rough for Chesapeake and McClendon. The company faced both a liquidity crisis brought on by low gas prices and heavy spending and a governance crisis that resulted in shareholders effectively taking control of the board of directors in June.
McClendon, who co-founded Chesapeake in 1989, has come under fire for blurring the lines between his personal dealings and that of the company.
The CEO will also reimburse the company for his personal use of company aircraft in excess of $250,000 and Chesapeake will make deep cuts to its executive's incentive compensation, according to a filing with the U.S. Securities and Exchange Commission.
The Oklahoma City, Oklahoma company also pledged to implement a shareholder proposal passed in June that would eliminate the staggered election of its board of directors.
Chesapeake originally lobbied for the Oklahoma statute mandating classified boards but said it is now seeking relief from the rule that makes it harder to remove directors.