Phillips 66 (PSX) faces an escalating proxy fight with Elliott Investment Management after the activist investor nominated seven directors to the energy company's board.
The proposed slate includes former executives of Motiva Enterprises, ConocoPhillips (COP), Targa Resources (TRGP), Citadel, and Vinson & Elkins, Elliott said Tuesday in a statement.
Elliott, which also nominated a partner to the Phillips board, manages funds with a combined investment of $2.5 billion in the energy company.
Elliott proposed that all incumbent directors commit to one-year terms, leaving board seats up for election annually. Phillips has faced pressure from the activist investor to sell or spin off its midstream business.
"Portfolio simplification, an operating review and enhanced oversight" are critical at Phillips, Elliott said Tuesday in the statement.
Phillips didn't immediately respond to a request for comment.
Phillips shares fell 3% in recent Tuesday trading.
Price: 121.25, Change: -3.74, Percent Change: -3.00
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