CEO John Hess from joining the board of Chevron Corp. (NYSE:CVX) as part of a $53-billion merger deal. What Happened: Chevron has tentatively agreed to this condition to secure approval for the merger,

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,

Chevron Corp. ($CVX) is on the brink of obtaining regulatory clearance for its $53 billion acquisition of Hess Corp. ($HES) with the U.S. Federal

John Hess would be prevented from Chevron’s board as part of deal for antitrust approval of a Hess-Chevron merger.

Chevron, Hess and the FTC did not immediately respond to Reuters' requests for comments. The approval clears one hurdle, but Chevron still needs to win an arbitration challenge filed by Exxon Mobil over Hess' stake in a Guyana oilfield - a coveted asset in the proposed merger.

CEO John Hess will not join the merged company's board as part of an agreement with the U.S. Federal Trade Commission that would allow the companies planned merger to proceed, Bloomberg reported Thursday.

Chevron will agree to exclude the chief executive of Hess from its board if required by US regulators in order to get the merger of the two companies approved, said people familiar with the matter. The US’s second-biggest oil company had planned to appoint John Hess a director as part of its $53bn acquisition of his company,