Elliott Nominates 7 Directors at Phillips 66, Ratchets Up Pressure
Elliott Investment Management has nominated seven directors to the board of Phillips 66, aiming to instigate significant changes, including potential divestitures of its midstream business. The activist firm, which holds a $2.5 billion stake in the company, is pushing for improvements in corporate governance and refinery operations amidst a backdrop of declining stock prices. This latest move follows Elliott's previous engagement with Phillips 66, highlighting a persistent push for strategic enhancements within the company.
- Elliott's aggressive strategy reflects a broader trend among activist investors seeking to reshape corporate governance and drive operational efficiencies in major firms, particularly in the energy sector.
- What will be the long-term implications of Elliott's campaign for Phillips 66's corporate culture and its relationship with shareholders?