Elliott and Phillips 66 each win two board seats in shareholder meeting

From Yahoo Finance: 2025-05-21 09:03:00

Phillips 66 and activist investor Elliott Investment Management each won two seats on the oil refiner’s board at a shareholders meeting, ending a fierce battle. Shareholders voted for change but not the sweeping transformation Elliott sought. The addition of four new directors is expected to benefit shareholders. Phillips 66 shares fell 5.8% after the news. Elliott had advocated for asset sales to boost share price, but Phillips 66 management cited improving refining margins. This is Elliott’s first U.S. board election campaign to go to a vote, after a $1 billion investment in 2023.



Read more at Yahoo Finance: Elliott wins two seats, Phillips 66 retains two seats in hotly contested board fight