Phillips 66 to propose new board members amid Elliott battle, WSJ reports

Reuters

Wed, Mar 26, 2025, 3:11 AM 1 min read

(Reuters) -Phillips 66 is expected to nominate 2 caller directors to its committee arsenic the proxy combat with activistic Elliott Investment Management intensifies, the Wall Street Journal reported connected Wednesday citing radical acquainted with the matter.

The refiner is acceptable to disclose 4 nominees, including the 2 caller ones, successful its proxy materials Wednesday greeting and volition beryllium up against Elliott's slate of picks erstwhile that is finalized, the study said.

Elliott had filed a suit against Phillips connected Tuesday, seeking to person 4 directors basal for predetermination astatine the company's yearly gathering this year.

Elliott, which owns a $2.5 cardinal involvement successful Phillips 66, had already nominated 7 directors to the company's committee earlier this year.

Phillips 66 and Elliott Investment Management did not instantly respond to a petition for comment.

(Reporting by Tanay Dhumal successful Bengaluru; Editing by Krishna Chandra Eluri)