Phillips 66 has appointed two former senior leaders at ConocoPhillips and DowDuPont to its board of directors effective immediately.
The appointment of Kevin Meyers, who served as ConocoPhillips senior vice president for exploration and production in the Americas before retiring 2010, and Howard Ungerleider, who left DowDuPont January 2024 after serving as chief financial officer, were coordinated with investor Elliott Investment Management LP, Phillips 66 said in an online statement.
Elliott had repeatedly called for leadership changes at Houston, Texas-based refiner Phillips 66 to help remedy what the West Palm Beach, Florida-based asset manager said was “persistent underperformance”.
“We are pleased with the additions of Howard and Kevin to the Phillips 66 board, and we welcome the expertise they will bring”, Elliott partners John Pike and Mike Tomkins commented in the statement. “Elliott believes that Phillips 66’s asset quality and market position create a compelling opportunity for value creation, and we are encouraged by the company’s efforts to bring fresh perspectives to the board.
“While more work must be done, we note the team’s focus on execution, capital return and the actions to enhance the company’s advantaged mid-continent position.
“Our engagement with the board over the past year has been constructive. As one of Phillips 66’s largest investors, we will remain engaged with management and the board in their work to realize the company’s full value”.
Phillips 66 chair and chief executive Mark Lashier said, “Howard brings exceptional financial leadership and deep expertise in large-scale industrial transformation, and Kevin brings more than 40 years of hands-on energy sector experience”.
Before joining ConocoPhillips, Meyers served as ARCO Alaska president. He also served on the boards of Bill Barrett, Denbury, Hess, Hornbeck Offshore Services and Lukoil. Currently Meyers is a director at Precision Drilling. He holds a PhD in chemical engineering from Massachusetts Institute of Technology, Phillips 66 noted.
Ungerleider is currently operating advisor to Clayton Dubilier & Rice. He also holds board positions at Air Products, American Airlines and Kyndryl. He has an MBA from UCLA Anderson School of Management, Phillips 66 noted.
Phillips 66 affirmed that directors Glenn Tilton and Marna Whittington would not seek re-election at its annual shareholder meeting in May.
“Following the annual meeting, the board will consist of 14 directors, 13 of whom are independent”, Phillips 66 said. “Ungerleider will serve as a Class II director and Meyers will serve as a Class III director, and the company’s director nominees for election at its 2026 annual meeting of shareholders will be Ungerleider and the company’s other Class II directors, Gregory J. Hayes, Charles M. Holley and Denise R. Singleton”.
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