Elliott Investment Management Proposes Director Nominees for Phillips 66 Board

Elliott Investment Management L.P. has taken significant steps in its push for change at Phillips 66, which it views as holding substantial value creation potential. On May 20, 2025, Elliott sent a letter to shareholders, officially introducing its independent board nominees: Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt. This initiative comes just ahead of the Phillips 66 Annual Meeting of Shareholders set for May 21, 2025.

The Nominees and Their Qualifications

Elliott’s nominees bring an impressive breadth of experience to the table, which they believe is essential for driving the positive changes necessary at Phillips 66. Brian Coffman possesses extensive leadership experience having previously managed several assets within Phillips 66 under its former parent company, ConocoPhillips. Sigmund Cornelius boasts a financial background as the former CFO of ConocoPhillips and has a history overseeing successful portfolio transformations. Notably, Michael Heim has co-founded Targa Resources and is recognized as a proficient operator in the midstream sector. Lastly, Stacy Nieuwoudt contributes her investor perspective shaped by years of expertise in analyzing the energy sector across leading financial institutions.

This diverse mix of skills positions their candidacy as a collective force aimed at enhancing the overall governance and operational framework at Phillips 66.

A Call for Change

In their letter, the nominees addressed the urgent need for change, highlighting that closing the performance gap between Phillips 66 and its competitors is not just desirous but achievable. They stressed that the company boasts high-quality assets and talented personnel that could unlock significant upside potential. With focused attention on operational excellence and enhanced governance, they believe that the company could reclaim its status as a leader within the industry.

The nominees expressed a fervent belief in the value of Phillips 66, stating, "Like you, we are investors in Phillips 66 – if we didn't believe in the opportunity at this company, we wouldn't have invested significant time and money." This statement underlines their commitment to not only enhancing company operations but also aligning with shareholders' interests.

Working Together

Should they be elected, the nominees are poised to collaborate constructively with incumbent directors, entering the boardroom as independent thinkers open to exploring the best pathways forward for Phillips 66. They recognize the importance of transforming the existing structure to rebuild trust and transparency with shareholders. The nominees are prepared for challenging discussions and are committed to ensuring a thorough evaluation of current practices.

Their efforts mark a crucial turnaround point for Phillips 66 and are aligned with demands from investors seeking a stronger, high-performing company. They enthusiastically call upon shareholders to support their election to the board, emphasizing the belief that this collaborative approach could leverage Phillips 66's potential effectively.

Conclusion

The proposal from Elliott Investment Management signifies a proactive stance towards better governance at Phillips 66. With their collective experience and belief in the company’s future, the nominees are setting the stage for urgent board change that aims to unlock the tremendous value inherent in Phillips 66. As stakeholders gear up for the impending shareholder meeting, the outcome could either pave the way for renewed energy and direction or maintain the status quo—an outcome that many investors are keenly watching.

For more information on how to support Elliott's nominees, shareholders are directed to the comprehensive details available at Streamline66.com.