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Investing.com -- The ongoing proxy battle between oil refiner Phillips 66 (NYSE:PSX) and Elliott Investment Management has taken a new turn with Bob Pease, a board member of Phillips 66, speaking out against the activist investor. Pease, who joined the board in 2024 with Elliott’s support, is now being targeted for replacement by the same investor.
In a letter to shareholders on Friday, Pease expressed his confusion over Elliott’s actions. He pointed out the struggle the board faced in understanding and engaging with Elliott, which he referred to as a "highly distracted shareholder".
The conflict between Phillips 66 and Elliott has escalated recently, as both parties have named their board nominees for an election expected to take place in May. Phillips 66 has listed four candidates, including Pease, while Elliott has proposed a slate of nominees that would replace him, as per a proxy filing.
Pease also revealed that Elliott has denied Phillips 66’s request to meet with its nominees. He described the company’s experience as being met with a declaration of ’no next steps’ followed by ongoing public criticism. It was noted that Elliott met with members of the Phillips 66 senior management team on March 3, without any independent directors present, according to a proxy filing.
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