Chevron Asks FTC to Set Aside Ban on John Hess Joining Board (1)

Chevron and Hess jointly requested the agency “set aside its consent order, which prohibits Chevron from nominating, designating, or appointing Hess CEO John B. Hess” to a directorship once the takeover closes, according to a statement Friday.

• Public has 30 days to comment on petition
• Final order on John Hess was issued in January: FTC statement
• “Unless set aside, the Order will preclude Chevron from fulfilling its contractual obligation to appoint Mr. Hess to the Chevron board upon closing of the merger, and deprive shareholders of the benefit of his service”: co.’s petition
• An arbitration panel will conduct a “merits ...