Goldman Sachs appoints John Hess to Board of Directors following $53 billion Chevron acquisition
(WO) – The Financial Times reported that Goldman Sachs has appointed John Hess to its board of directors. This announcement comes as Goldman advises Hess' company on its $53 billion acquisition by Chevron.
Hess will leave his roles at Hess Corporation and Hess Midstream and will join the Board of Directors of Chevron upon closing of the acquisition, which currently sits in limbo as arbitration from competitor ExxonMobil carries on. Exxon claims a right to first refusal regarding an asset offshore Guyana.
Currently, arbitration is stalled, and could extend into 2025. Goldman could earn up to $80 million in fees for this deal, which faces additional obstacles such as regulatory approval.
Hess shareholders approved the sale to Chevron despite some opposition. Goldman has a history of advising Hess on various transactions. The firm's statement highlights their longstanding relationship with John Hess, now joining their board, a rare occurrence in such sale processes.
“We are pleased to share the news that John Hess has joined our Board,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “I know that our Board, our management team and our shareholders will benefit from his nearly 30 years of experience as a public company CEO leading the development and execution of Hess Corporation’s strategic transformation and driving growth across global markets.”
This story was originally reported by The Financial Times.
