By Colin Kellaher
Activist investor Elliott Investment Management, which has built a more-than-$2.5 billion stake in Phillips 66 and is pushing for a streamlining of the oil refiner, is seeking more representation on the company's board.
In a filing with the Securities and Exchange Commission, Phillips 66 said it received a notice from Elliott that the investor plans to nominate candidates for election to the board at this year's annual meeting.
Elliott also plans to submit a non-binding proposal to be made at the meeting requesting that the board adopt an annual election policy for directors.
Phillips 66 said the board's nominating-and-governance committee will review Elliott's notice.
Elliott wants Phillips 66 to consider operational changes to boost its stagnant stock price, most notably a sale or spinoff of its big midstream business.
The investor first pushed Phillips 66 for improvements in late 2023 after disclosing a roughly $1 billion investment in the company. A few months later, Phillips 66 and Elliott came to an agreement on a new board member, Robert Pease, and said they would work together to pick another, but that second director has yet to be named.
Phillips 66 on Tuesday said Gary Adams and Denise Ramos, board members since 2106, won't stand for reelection at this year's annual meeting, and that it plans to reduce the size of the board to 12 members from the current 14.
- Lauren Thomas and Collin Eaton contributed to this article.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 19, 2025 06:59 ET (11:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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