Elliott Management Pushes for Board Overhaul at Phillips 66

Elliott Management is intensifying its campaign for significant changes at Phillips 66, urging shareholders to support its proposals for asset divestment and an overhaul of corporate governance. The activist investor has nominated four new directors with relevant industry experience, aiming to enhance board expertise and accountability. Elliott's strategy, dubbed 'Streamline 66', seeks to address Phillips' historical underperformance, which has seen its stock lag behind competitors like Valero Energy and Marathon Petroleum. Analysts predict a potential upside of over 31% for Phillips 66, with an average price target of $140.65, reflecting growing investor interest in the company's prospects. Despite Elliott's push for reforms, Phillips' leadership has shown resistance to implementing these changes. The ongoing proxy battle highlights the tension between shareholder interests and existing management strategies.