7 major management shakeups of 2012

Aubrey McClendon
aubrey mcclendon chesapeake
Company: Chesapeake Energy

This summer, Chesapeake Energy (CHK, Fortune 500) shareholders wanted to remove Aubrey McClendon of his responsibilities as chairman after it came to light in the spring that that he had mixed up corporate and personal funds. McClendon had taken out over $1 billion in personal loans using his own stakes in his company's wells as collateral. Following the debacle, shareholders, including powerful activist investor Carl Icahn, agitated for a board shakeup, which they got -- switching out four of Chesapeake's board members along with removing McClendon as chair.

But the shakeup didn't go too far -- McClendon has remained CEO of the company. "We enjoyed a very good relationship when I acquired almost 6% of the Company's stock in late 2010," Icahn said in a Chesapeake press release, "and I look forward to a similarly constructive relationship now."


Source: Getty
  @FortuneMagazine - Last updated November 20 2012 11:08 AM ET
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