The Federal Trade Commission has prohibited Hess Corp CEO John Hess from joining Chevron’s board as part of the conditions for their $53 billion merger. The FTC alleged that Hess had communicated with OPEC over the years,

The FTC on Monday alleged that John Hess encouraged OPEC representatives to take action that supports higher oil prices. Hess Corp. and Chevron have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger.

US regulators will allow Chevron Corp. to move forward with its $53 billion acquisition of Hess Corp. but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC.

On Monday, Chevron Corp (NYSE:CVX) announced that the Federal Trade Commission (FTC) completed an antitrust review of its merger with Hess Corp (NYSE:HES), satisfying a critical closing condition for the transaction.

Chevron (NYSE:CVX) and Hess (HES) said Monday the Federal Trade Commission completed an antitrust review of their proposed merger, and the companies confirmed that Hess CEO John Hess will not be appointed to the Chevron board;

The Federal Trade Commission said the oil giant could acquire the smaller company as long as the chief executive of Hess did not join its board.

Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won’t join the company’s board as part of an agreement with the US Federal Trade Commission allowing the companies’ merger to proceed,

The FTC cleared Chevron's $53 billion acquisition of Hess but barred CEO John Hess from joining Chevron's board after the merger, citing concerns about his previous communications with OPEC officials.