Amid demands from investors that Aubrey McClendon be replaced after it became public knowledge that he did not disclose $1.4 billion in loans that he received from a private-equity firm that had dealings with Chesapeake Energy, the company announced today that although McClendon will remain CEO, he will step down as chairman, The Wall Street Journal reports. The controversial arrangement in which McClendon was given the right to "participate and invest as a working interest owner of up to 2.5% in new wells" was also terminated 18 months early with McClendon receiving no severance compensation, the article said (See the Apr 30, 2012, blog – "Chesapeake Energy to review and change McClendon's financial arrangements"). For more, read the full story here.