Hess CEO Joins Goldman Sachs Board as Independent Director

NEW YORK (Reuters) – Hess Corp CEO John Hess has joined the board of Goldman Sachs as an independent director, the Wall Street firm said on Monday.

He is the latest addition to the board after banking executive Tom Montag joined as an independent director last year.

He will also become a member of Goldman’s board of directors’ compensation, governance and risk committees, the release said.

Hess Corp has not commented on the matter.

Since 1995, Hess has been chief executive of Hess Corp, which is being sold to Chevron in a $53 billion deal still under review by U.S. regulators.

The deal is also the subject of an arbitration battle with Exxon Mobil and CNOOC, Hess’ partners in a lucrative oil production joint venture in Guyana.

Goldman Sachs is advising Hess on this transaction.

“Advising companies and their management teams is at the heart of our business, and we are pleased to have John Hess, a long-time client, join our board,” Goldman said in an email.

Hess will step down from his position at the company and join Chevron’s board of directors. He has also served as an independent director at KKR & Co and Dow Chemical in the past.

Goldman Sachs CEO David Solomon said in the release that the board, management team and shareholders will benefit from Hess’ nearly 30 years of experience as a public company CEO.

(Reporting by Saeed Azhar in New York; editing by Matthew Lewis and Marguerita Choy)

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