Phillips 66 announced its nomination of four directors for election to its board, including two new additions, Nigel Hearne and Howard I. Ungerleider. These new nominees will replace Gary K. Adams and Denise L. Ramos, who are set to retire from the board.
The nominations come amidst an intensifying proxy fight with activist investor Elliott Investment Management, which had recently filed a lawsuit seeking to mandate four board seats for election. Phillips 66's slate also includes incumbent directors John E. Lowe and Robert W. Pease.
This move is part of Phillips 66's efforts to refresh its governance structure and demonstrate its commitment to shareholder value in the face of activist pressure. The proposed changes aim to bring new perspectives to the board while maintaining continuity with existing leadership.
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