Elliott Seeks Phillips 66 Board Seats as It Urges Asset Sale
- Investor plans to nominate candidates at annual meeting
- Elliott has pushed the oil refiner to streamline operations
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Elliott Investment Management is seeking seats on the board of oil refiner Phillips 66, the latest effort in a multi-year campaign pushing the company to sell assets, improve operational performance and bolster board oversight.
Phillips 66 received a notice from Elliott that the activist investor plans to nominate board candidates at the company’s annual meeting, the refiner said Wednesday in a filing. Elliott will also request that the board hold annual elections for directors. Phillips 66 said the board will review the notice.