The late shale entrepreneur Aubrey McClendon was entitled to more than $56,000 a week in salary and bonuses from Chesapeake Energy Corp. up until his death Wednesday, even though he was fired by the natural gas giant almost three years ago.
McClendon, who died in a car crash a day after being charged with bid rigging, parted ways in 2013 with Chesapeake, the shale gas explorer he co-founded and led for almost a quarter century. Upon his termination amid an investor revolt, his employment agreement entitled him to an annual salary of $975,000 as well as a yearly $1.95 million bonus for another four years, according to public filings by Chesapeake.
McClendon’s arrangement also entitled him to Chesapeake’s life insurance, medical plan and reimbursement for membership dues and travel expenses. The company disclosed a $69 million cost in association with McClendon’s exit in its annual report for 2014, including $7 million for use of company aircraft. A Chesapeake spokesman declined to comment.