FTC reverses bans on two executives joining Chevron, Exxon boards

Source: Reuters

FTC reverses bans on two executives joining Chevron, Exxon boards

Reuters
Thu, July 17, 2025 at 5:38 PM EDT·2 min read

WASHINGTON (Reuters) -The U.S. Federal Trade Commission on Thursday reversed bans on the CEOs of takeover targets joining the boards of Chevron and Exxon Mobil that the Biden administration made a condition of clearing the oil giants' deals to buy two oil producers.

The FTC released Exxon, which acquired Pioneer Natural Resources last year, from an order barring former Pioneer CEO Scott Sheffield from its board. Chevron, which agreed to buy Hess in 2023 for $53 billion, was released from a similar order keeping that company's CEO, John Hess, off its board.

The decisions are the latest move by FTC Chairman Andrew Ferguson to reverse actions by his Democratic predecessor, Lina Khan.

Khan and her Democratic colleagues had raised concerned Hess and Sheffield would coordinate with members of the Organization of the Petroleum Exporting Countries. Ferguson and Republican Commissioner Melissa Holyoak dissented at the time, saying the orders exceeded the FTC's authority.

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