The board of directors said candidates for the non-executive chairman's position will have "no previous substantive relationship with Chesapeake."
"I am completely supportive of the board's plans," McClendon said in a statement. The actions will "enable me to focus my full time and attention on execution of the company's strategy."
McClendon puts the principal amount of the loans at $846 million.
The board is reviewing McClendon's loans. The Internal Revenue Service also is looking at the well-investment program.
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