NEW YORK — Chesapeake Energy founder Aubrey McClendon was stripped of his chairmanship role Tuesday following shareholder complaints that his personal business interests could conflict with those of the company he runs.

Chesapeake Energy has emerged in recent years as a major player in the Marcellus Shale natural gas development across Pennsylvania, with wells in the western part of the state.

McClendon will remain CEO. The company’s board said it’s searching for an independent chairman.

The board has been feeling the heat from shareholders after reports surfaced that McClendon took out more than $1 billion in loans to pay for his stake in the company’s wells. He was allowed to buy those stakes as a part of his compensation program, a perk that had long raised concerns from shareholders.

Some of the loans came from a group that was also planning to buy Chesapeake assets. Investors said McClendon’s private dealings with the group could have influenced Chesapeake’s decision to sell those assets.

The company said Friday it will end the investment program in 2014, 18 months ahead of schedule, to “eliminate a source of controversy.”

McClendon, 52, co-founded Chesapeake in 1989, turning an initial $50,000 investment into America’s second-largest natural gas producer behind Exxon Mobil. He was America’s top-paid CEO in 2008, receiving compensation worth $112.5 million.