Phillips 66 Nominates Two Directors as Battle With Activist Investor Elliott Continues

Oil refiner Phillips 66 (PSX) said Wednesday it is nominating two new directors to its board, as its proxy fight with activist Elliott Investment Management continues.

The two new candidates are A. Nigel Hearne, currently the chief operating officer of Harbour Energy, and Howard I. Ungerleider, a  former president and chief financial officer at Dow. The two are in addition to existing nominees and directors John E. Lowe and Robert “Bob” W. Pease. Pease is a director identified in partnership with Elliott, the oil refiner said.

Elliott on Tuesday filed a lawsuit against Phillips 66 and its board seeking an order for four board seats to be up for voting at the company’s next annual shareholder meeting, saying it wasn’t given information on how many seats would be up for election.

Earlier, Elliott had put forward its own picks for directors.

“After careful consideration of Elliott’s nominees and several conversations with Elliott’s representatives over multiple years, we have determined that the dissident nominees do not possess skills or experiences not represented on the Board already or that would directly drive further shareholder value creation,” the lead independent director of Phillips 66’s board, Glenn F. Tilton, said Wednesday. “Further, Elliott’s inconsistent approach and evolving demands would introduce undue risk by prioritizing uncertain short-term gains over a disciplined, long-term strategy.”

As of March 24, 2025, Elliott held a 5.7% economic interest in Phillips 66, the activist investor said. Phillips 66 shares are up around 1% in intraday trading Wednesday and have lost more than 18% of their value in the past 12 months.