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Hess CEO John Hess Joins Goldman Sachs Board as Independent Director
John Hess, who has helmed Hess Corp since 1995, has been appointed to the board of Goldman Sachs as an independent director. This latest addition marks a significant update for the Wall Street firm, following the induction of senior banking executive Tom Montag last year. In his new role, Hess will also contribute to the board's compensation, governance, and risk committees.
The announcement comes at a notable time for Hess Corp, which is undergoing a sale to Chevron in a $53 billion deal still under review by U.S. regulators. This deal is not without complications, as it faces an arbitration process involving Exxon Mobil and CNOOC, partners in a productive Guyana oil venture. For their part, Goldman Sachs is advising Hess Corp on this high-stakes transaction.
Goldman Sachs expressed enthusiastic support for Hess' board appointment, describing him as a long-standing client whose advisory roles align with the firm's core business strategies. "We’re thrilled to have John Hess, a long-standing client, join our board," Goldman stated via email. The statement highlighted Hess' extensive nearly three-decade experience as a public company CEO as a valuable addition to their team's competencies.
In addition to his new responsibilities at Goldman Sachs, Hess will be transitioning into a role on Chevron's board of directors upon his retirement from Hess Corp roles. Throughout his career, Hess has also served as an independent director for major firms such as KKR & Co and Dow Chemical, diversifying his leadership experience in the industry.
Goldman Sachs CEO David Solomon conveyed optimism regarding Hess' contributions to the firm. He remarked that the board, management team, and shareholders would significantly benefit from Hess' expansive experience and insights gained over his tenure as a top executive.
