Chesapeake says to replace McClendon as chairman

Chesapeake Energy Corp said the U.S. Securities and Exchange Commission was investigating the company and Chief Executive Aubrey McClendon and had issued subpoenas for information and testimony. The company said on Friday it was advised by the SEC in December that an informal inquiry, launched by the regulator in May, was continuing as an investigation. Shares of Chesapeake, the No. 2 natural gas producer in the United States, were down 2 percent before the bell.

Chesapeake Energy CEO Aubrey McClendon will retire effective April 1, according to a company release. Shares of CHK are surging in after-hours trading An internal review found McClendon did not engage in any improper conduct.

Aubrey McClendon will no longer be running Chesapeake Energy Corpcome April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.