Ex-Pioneer CEO Cannot Challenge Order Barring Him From Exxon board, FTC Says

Print 🖨

Scott Sheffield, the founder and former CEO of Pioneer Natural Resources, cannot directly challenge a Biden-era order barring him from ExxonMobil’s board after its acquisition of Pioneer, the Federal Trade Commission said on Tuesday, while adding it would revisit the order regardless.

While the FTC’s three Republican commissioners voted unanimously to deny Sheffield’s bid on procedural grounds, the agency plans to consider his arguments under a rule that lets the commission reconsider prior decisions.

FTC Chairman Andrew Ferguson criticized the order last year, which barred Sheffield from Exxon’s board over concerns he would coordinate with members of the Organization of the Petroleum Exporting Countries. Ferguson, who was a commissioner at the time, said the order overreached the FTC’s authority. The FTC was then led by Democratic Chair Lina Khan.

“I stand by my contention that the original decision represented gross and unjust government overreach,” Sheffield said on Tuesday.

The FTC has been reviewing the order barring Sheffield from Exxon’s board, along with a similar order keeping Hess CEO John Hess off Chevron’s board after it announced plans to acquire his company.

(Reporting by Bhargav Acharya and Brendan O’Brien, and Jody Godoy in New York; Editing by Chris Reese)