Phillips 66 Board Splits Seats Between Elliott, Management in Proxy Vote

At Phillips 66's annual shareholders meeting, activist investor Elliott Investment Management won two seats on the company's board, marking a partial victory in its campaign for strategic changes. Elliott nominees Sigmund Cornelius and Michael Heim were elected alongside Phillips 66-backed directors Robert Pease and Nigel Hearne, while incumbents John Lowe and Howard Ungerleider were not re-elected. Elliott, which holds a stake exceeding $2.5 billion, has been advocating for asset sales including midstream assets and a chemicals joint venture, aiming to unlock greater shareholder value. Phillips 66’s CEO Mark Lashier reaffirmed confidence in the company’s integrated strategy, emphasizing that early results do not yet reflect the full potential of their plan. Despite Elliott’s gains, shareholders rejected other proposals such as annual director resignations and board declassification, signaling a desire for change but not a full overhaul. Following the board changes, Phillips 66 shares declined by around 6.5% to 7%, reflecting investor uncertainty amid the ongoing strategic debate.