Salem Radio Network News Sunday, November 27, 2022

U.S.

U.S. says seven board directors resigned under antitrust pressure

WASHINGTON (Reuters) – Seven members of board of directors at five companies have resigned their positions because of antitrust concerns raised by the U.S. Justice Department over the directors holding similar positions on the boards of rival companies, the department said on Wednesday.

The U.S. Justice Department’s Antitrust Division said in a statement that it planned to reinvigorate enforcement of rules that do not allow directors to serve on the boards of companies that compete against each other.

“Competitors sharing officers or directors further concentrates power and creates the opportunity to exchange competitively sensitive information and facilitate coordination – all to the detriment of the economy and the American public,” said Jonathan Kanter, head of the Justice Department’s Antitrust Division, in a statement.

(Reporting by Diane Bartz; Editing by Josie Kao)

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