Phillips 66 says two Elliott nominees expected to be elected

Phillips 66 (PSX) updated the preliminary results for the election of directors at its annual meeting. Based on estimates by the company’s proxy solicitor, shareholders are expected to elect two Phillips 66 nominees and two Elliott Management nominees. Based on the preliminary results, the elected Phillips 66 directors are expected to be Robert Pease and Nigel Hearne. The Elliott nominees expected to be elected are Sigmund Cornelius and Michael Heim. Phillips 66 nominees John Lowe and Howard Ungerleider were not elected. The company also noted that, based on estimates by the company’s proxy solicitor, the management proposal to declassify the Board was not approved by shareholders. “We welcome our new directors and look forward to working constructively as a Board,” said Mark Lashier, CEO of Phillips 66. “We thank all our shareholders for their engagement through this process and their careful analysis of the issues. This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business. As a Board, we are focused on creating meaningful long-term value for our shareholders.”