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UPDATE 1-Chesapeake appoints finance head Dell'Osso as CEO

Reuters
·1 min read

(Adds background on CEO, the company)

Oct 11 (Reuters) - Chesapeake Energy Corp on Monday named long-time finance chief Domenic Dell'Osso as its chief executive officer, months after ousting former top boss Doug Lawler.

Dell'Osso joined Chesapeake in 2008 and was appointed CFO in 2010. He takes the reins from Chairman Mike Wichterich, who has served as interim CEO since Lawler's departure in April.

Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection in June last year after overspending on assets and a sudden decline in oil prices left it with more than $9 billion in debt.

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It emerged this year from a Chapter 11 bankruptcy reorganization in which it cut $7 billion in debt. The company in August agreed to buy Louisiana natural gas rival Vine Energy for $615 million in cash and stock.

Chesapeake has suffered an exodus of executives under Wichterich, including its general counsel, executive vice president of exploration and production and chief accountant.

Reuters had exclusively reported last month that Chesapeake planned on naming Dell'Osso as its new top boss, citing sources. (Reporting by Sahil Shaw in Bengaluru; Editing by Aditya Soni)