A Rockford, Ill., Phillips 66 fueling station. Phillips 66 has a so-called staggered board in which only some of its directors are up for election each year. (Daniel Acker/Bloomberg News)
Elliott Investment Management filed a lawsuit against Phillips 66 and its board of directors to require four seats be up for election this year, the latest push for leadership and performance changes at the oil refiner.
The activist investor is seeking an order requiring that the number of board seats up for election at Phillips 66’s 2025 annual shareholder meeting not be reduced to fewer than four, according to a March 25 statement.
“We intend to run four directors for our 2025 Annual General Meeting,” according to a representative for Phillips 66 in response to the lawsuit. “We will be filing in accordance with our charter and bylaws and will disclose details on our selected candidates in short order.”
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Phillips 66 has a so-called staggered board in which only some of its directors are up for election each year. Following an announcement that members Gary Adams and Denise Ramos would not seek re-election, the board size could reduce and shrink the number of seats up for election, the company previously said.
Elliott disclosed a $2.5 billion stake in Phillips 66 after first showing up in the stock in 2023. The activist investor is pushing the company to sell or spin off its midstream business to fully realize its value.
