Activist hedge fund Elliott wins two seats on Phillips 66 board

Phillips 66 narrowly survives Elliott proxy fight

The ScoopActivist investor Elliott Management has won two of the board seats it was seeking at energy giant Phillip 66, according to people familiar with the matter.Elliott, taking a boardroom fight to its first ever vote in the US, had argued that Phillips’ “integrated” model — it owns both midstream and refining assets — made it inefficient and distracted its executives. Phillips said Elliott’s breakup plan, a common activist demand at conglom…

Elliott Set to Win Two Phillips 66 Board Seats in Proxy Fight

Phillips 66 shareholders are set to elect two of Elliott Management’s nominees to its board, in the first ever US proxy vote for the activist investor.

Activist hedge fund Elliott wins two seats on Phillips 66 board

Investment firm has lobbied for sweeping changes at US energy group

Two Elliott Nominees Set to Join Phillips 66 Board

'We welcome our new directors and look forward to working constructively as a Board', Phillips 66 CEO Lashier said.

Elliott Wins Two Seats, Phillips 66 Retains Two Seats in Hotly Contested Board Fight - Energy News, Top Headlines, Commentaries, Features & Events

By Svea Herbst-Bayliss and David French Phillips shareholders elect two of activist investor’s nominees Oil refiner also sees two of its nominated directors elected Analysts say vote means some change but no big mandate for transformation Elliott had never had a US based proxy fight go to a vote NEW YORK, May 21 (Reuters) – ...

Bartlesville Radio » News » REUTERS: Shareholders Deliver Mixed Verdict in Phillips 66 Boardroom Battle

Phillips 66 and activist investor Elliott Investment Management each won two board seats in a contentious showdown that played out at the oil refiner’s annual shareholder meeting on Wednesday.   Reuters News Service reports the split decision ends months of escalating tension between the company and the hedge fund, which has pushed for asset sales and improved performance. Phillips 66 has defended its current strategy, arguing that its long-te…