Elliott Investment Management nominated seven directors to Phillips 66's board, signaling a significant escalation in its activist campaign. This move lays the groundwork for a proxy battle aimed at pushing for substantial changes within the energy company.
The nominations are part of Elliott's broader strategy to advocate for a restructuring of Phillips 66, including the potential spin-off or sale of its midstream business. Elliott believes these changes are necessary to address what it perceives as underperformance and poor corporate governance.
This action follows Elliott's earlier disclosure of a $2.5 billion stake in Phillips 66 and its 'Streamline66' plan. The nomination of a full slate of directors indicates Elliott's determination to influence the company's strategic direction at the upcoming annual meeting.
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