Ex-Pioneer CEO sues FTC for banning him from Exxon | Inventory Information
(Reuters) – Former Pioneer Pure Sources (NYSE:) CEO Scott Sheffield sued the U.S. Federal Commerce Fee on Tuesday, saying it violated the law by barring his inclusion on Exxon Mobil (NYSE:)’s board when the company acquired Pioneer in a deal price $59.5 billion.
The lawsuit filed in Fort Price, Texas, seeks to overturn the FTC’s order from Could 2024. The company had agreed to not problem Exxon’s acquisition of Pioneer if Sheffield was excluded from the board, accusing him of making an attempt to collude with members of the Group of the Petroleum Exporting International locations (OPEC).
Sheffield has denied the allegations. He stated within the lawsuit that the company overstepped its authority and violated his constitutional proper to due course of.
FTC Chairman Andrew Ferguson, one of two Republican commissioners on the five-member company on the time, had voted in opposition to the order.
An FTC spokesperson declined to remark. Exxon didn’t instantly reply to a request for remark.
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