Photo: Rafal Pytel/Adobe Stock FTC Bans Exec From Chevron Board—Exercising Authority It Doesn't Have, GOP Dissenters Say
The GOP minority on the Federal Trade Commission says Democrats are using a ridiculous legal theory to sideline directors, realizing firms will cave, sparing the agency from having to test the theory in court.
October 01, 2024 at 08:01 AM
5 minute read
For the second time in five months, the Federal Trade Commission has approved a Big Oil industry merger on the condition that the founder of the acquired company not be allowed on the buyer's board of directors.
The FTC on Monday said it was giving antitrust clearance to San Ramon, California-based Chevron's plan announced a year ago to buy New York City-based Hess Corp. for $53 billion, with Chevron winning over the agency by promising to keep Hess CEO John Hess off its board.
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