HOUSTON, March 9 — Phillips 66 (NYSE: PSX) today announced that it has appointed Howard Ungerleider and Kevin Meyers to serve on the Company’s Board of Directors, effective immediately.
“Phillips 66 is pleased to welcome Howard and Kevin to our board,” said Mark Lashier, Chairman and Chief Executive Officer of Phillips 66. “Howard brings exceptional financial leadership and deep expertise in large-scale industrial transformation, and Kevin brings more than 40 years of hands-on energy sector experience.”
Lashier continued, “We have made significant progress – in portfolio focus, capital discipline, and operational performance – and we appreciate the continued constructive engagement with Elliott and look forward to building on the strong momentum we have established.”
“We are pleased with the additions of Howard and Kevin to the Phillips 66 Board, and we welcome the expertise they will bring,” said John Pike, Partner, and Mike Tomkins, Partner, at Elliott Investment Management. “Elliott believes that Phillips 66’s asset quality and market position create a compelling opportunity for value creation, and we are encouraged by the Company’s efforts to bring fresh perspectives to the Board. While more work must be done, we note the team’s focus on execution, capital return and the actions to enhance the Company’s advantaged mid-continent position. Our engagement with the Board over the past year has been constructive. As one of Phillips 66’s largest investors, we will remain engaged with management and the Board in their work to realize the Company’s full value.”
As previously announced, Glenn Tilton and Marna Whittington, Class II directors with terms concluding in 2026, have informed the Company that they intend to retire and will not stand for re-election to the Phillips 66 Board of Directors at the Company’s next annual meeting of shareholders in May 2026. Following the annual meeting, the Board will consist of 14 directors, 13 of whom are independent. Ungerleider will serve as a Class II director and Meyers will serve as a Class III director, and the Company’s director nominees for election at its 2026 annual meeting of shareholders will be Ungerleider and the Company’s other Class II directors, Gregory J. Hayes, Charles M. Holley and Denise R. Singleton.
