Activist hedge fund Elliott Investment Management secured two board seats on Phillips 66's board of directors following a closely watched proxy contest at the company's annual shareholder meeting. Preliminary results indicated a split vote, with two Phillips 66 nominees and two Elliott nominees elected.
Phillips 66 nominees Robert W. Pease and Nigel Hearne were elected, alongside Elliott nominees Sigmund L. Cornelius and Michael A. Heim. This outcome means that Phillips 66 nominees John E. Lowe and Howard Ungerleider were not elected to the board.
Phillips 66 CEO Mark Lashier welcomed the new directors, stating that the vote reflects a belief in the company's integrated strategy and a recognition of the potential value within the business. Shareholders also overwhelmingly voted against Elliott’s proposal requiring annual director resignations, while a management proposal to declassify the Board did not receive the required 80% affirmative vote.
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