Phillips 66 Appoints Robert W. Pease to Board of Directors
February 13 2024 - 7:50AM
Business Wire
Appointment Follows Constructive Dialogue
with Elliott; Commitment to Add a Second Director
The Board of Directors of Phillips 66 (NYSE: PSX) has appointed
Robert W. Pease to serve on the board, effective immediately.
Following the appointment, the board consists of 14 directors, 12
of whom are independent. In addition, Phillips 66 and Elliott
Investment Management L.P. (together with its affiliates,
“Elliott”) have agreed to work together to identify a second
mutually agreed director to be named over the coming months.
“Phillips 66 is pleased to welcome Bob to the board. His
demonstrated refining experience, leadership and energy expertise
will add to the board’s oversight of the company as we advance our
strategic priorities and deliver long-term, sustainable value.
Phillips 66 is well positioned as the leading integrated downstream
energy provider,” stated Greg Garland, executive chairman of the
board. “Bob complements an already strong and diverse board and
joins Phillips 66 after collaborative discussions with one of our
largest investors. We appreciate the constructive engagement that
we have had with Elliott in adding a highly qualified independent
director.”
“We have worked collaboratively with Phillips 66 on the board’s
appointment of Bob, who will bring extensive experience in refining
and the energy industry more broadly,” said Elliott Partner John
Pike and Senior Portfolio Manager Mike Tomkins. “As a large
investor, we believe Phillips 66 would substantially increase
shareholder value by hitting the enhanced targets it has outlined.
We look forward to continuing our work with Phillips 66 to identify
an additional director who can add valuable perspectives and
experience to the board.”
Pease brings to the board over 38 years of experience in the
energy industry and a global perspective on business affairs.
During his career, he served in various leadership roles at Shell
Trading (U.S.) Co., Motiva Enterprises and Cenovus Energy, across
multiple facets of the downstream energy business, including
refining, midstream and supply and trading operations. Pease’s
roles included president of Shell Trading (U.S.) Co.; chief
executive officer and president of Motiva; and, most recently, as
president, downstream of Cenovus’ U.S. business and executive vice
president, Corporate Strategy & president, Downstream.
Pease earned a Bachelor of Science degree in Chemical
Engineering from the Rose-Hulman Institute of Technology and earned
an executive certification from the Darden Graduate School of
Business at the University of Virginia.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading diversified and integrated
downstream energy provider that manufactures, transports and
markets products that drive the global economy. The company’s
portfolio includes Midstream, Chemicals, Refining, and Marketing
and Specialties businesses. Headquartered in Houston, Phillips 66
has employees around the globe who are committed to safely and
reliably providing energy and improving lives while pursuing a
lower-carbon future. For more information, visit phillips66.com or
follow @Phillips66Co on LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240213788836/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Charles E. Moran (media) 855-841-2368
charles.e.moran@p66.com
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