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Investing.com -- Elliott Investment Management L.P. ("Elliott") announced today that it has nominated seven independent candidates to the board of Phillips 66 (NYSE: NYSE:PSX). The announcement comes ahead of the company’s 2025 Annual Meeting of Shareholders. Elliott manages funds that have invested more than $2.5 billion in Phillips 66.
Elliott had previously outlined its case for change at Phillips 66 in its materials dated February 11, 2025. It cited three initiatives for the company’s growth: portfolio simplification, an operating review, and enhanced oversight. The nominated directors are expected to bring valuable experience and objective perspectives to the board, improving oversight of management initiatives and bolstering accountability.
The seven nominees were selected after a comprehensive search process. They have backgrounds and experience in improving refining and midstream operations, evaluating complex strategic transactions, and enhancing corporate governance. The final slate of director candidates standing for election at the Annual Meeting will be identified in Elliott’s definitive proxy materials.
The nominees include Brian Coffman, former CEO of Motiva Enterprises and former SVP of Refining at Andeavor; Sigmund Cornelius, former SVP and CFO of ConocoPhillips (NYSE:COP); Michael Heim, one of the founders and former President and COO of Targa Resources (NYSE:TRGP); Alan Hirshberg, former EVP, Production, Drilling, and Projects at ConocoPhillips; Gillian Hobson, former M&A and Capital Markets Partner at Vinson & Elkins; Stacy Nieuwoudt, former Energy and Industrials Analyst at Citadel; and John Pike, Partner at Elliott Investment Management.
Elliott also filed a preliminary proxy statement with the Securities and Exchange Commission today. The firm has proposed a non-binding policy aimed at introducing annual director elections for the Phillips Board. This policy aims to enhance board accountability to shareholders and align with governance best practices. Over the past nine years, Phillips has proposed multiple times to declassify the board, receiving strong shareholder support but not achieving the necessary 80% supermajority of shares outstanding to amend the Company’s Charter.
The proposed policy would require each incumbent director to commit to a one-year term at each annual meeting, making all board seats open annually. This is a response to the recurring strong support from Phillips stockholders for annual director elections and the supermajority voting requirement to amend the company’s Charter.
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