Elliott Takes Bold Move in Phillips 66 Boardroom Battle

Published 21 days agoPSX

Elliott Takes Bold Move in Phillips 66 Boardroom Battle

Elliott Investment Management has intensified its campaign at Phillips 66 by nominating seven independent candidates for the company's board at its 2025 Annual Meeting. This move includes industry veterans from refining, midstream operations, and corporate governance, according to filings. The hedge fund, which holds a stake in Phillips 66 valued at over $2.5 billion, is striving for significant changes within the company.

In response, Phillips 66 has put forward its own nominations for the board, naming new candidates A. Nigel Hearne and Howard I. Ungerleider alongside incumbents John Lowe and Robert Pease. This nomination process comes as Elliott files a lawsuit aiming to ensure at least four board seats are open for election, alleging that Phillips 66's actions might limit the number of available seats.

Elliott's push includes restructuring proposals such as spinning off Phillips 66's midstream assets and pursuing portfolio simplification. Insider Monkey reports that Elliott is advocating for an operating review alongside enhanced corporate governance to unlock what it claims to be the full potential of Phillips 66.

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