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,

HOUSTON (Reuters) -U.S. antitrust regulators will bar Hess CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron's $53 billion purchase of Hess, people close to the matter said.

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,