By Denny Jacob
Phillips 66 confirmed that activist investor Elliott Investment Management has nominated seven directors to the board.
The oil refiner in a letter to shareholders said the two sides met on Monday but claimed the meeting ended with representatives for Elliott stating that there were no immediate next steps.
"Despite several attempts to reach agreement on adding another director to Phillips 66's Board, Elliott has chosen to forego constructive dialogue with us and launch their activist playbook," said the company. Phillips 66 added it remains ready to engage constructively with Elliott.
Elliott's nominees came shortly after disclosing a stake worth more than $2.5 billion in Phillips 66. Its candidates include Sigmund Cornelius, a former finance chief of rival ConocoPhillips, and John Pike, a partner at Elliott. The activist also requested that all board seats be opened annually by adopting a corporate governance policy that would require directors to commit to a one-year term at each annual meeting.
Last month, Phillips 66 announced that Gary Adams and Denise Ramos would not stand for reelection at the company's 2025 annual meeting, and that the size of the board would be reduced to 12 seats.
Elliott had first pushed Phillips 66 for strategic improvements in late 2023 after disclosing a roughly $1 billion investment in the company.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 05, 2025 08:24 ET (13:24 GMT)
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