Chesapeake Energy Corp's new independent chairman will receive Chesapeake stock awards valued at $750,000 along with cash compensation that will based on his length of service, according to a regulatory filing on Wednesday.
Archie Dunham, former chairman of ConocoPhillips , replaced Chief Executive Aubrey McClendon as chairman on Thursday. The company's board stripped McClendon of the title in part due to a governance crisis at the U.S. oil and gas company.
Dunham received an initial restricted stock awards valued at about $500,000 and an annual restricted stock award valued at $250,000, according to a filing with the U.S. Securities and Exchange Commission.
Chesapeake's directors' compensation was cut 20 percent in May after criticism from investors. Directors now receive an annual stock award of $250,000 and a cash retainer of $100,000.
The company's four new directors and Dunham who were named on Thursday will receive cash compensation this year on a pro-rated basis, the filing said.
(Reporting By Anna Driver; Editing by David Gregorio)