US oil refiner Phillips 66 has made changes to its board to prevent a repeat of last year’s acrimonious proxy battle with activist hedge fund Elliott Management.
In a move endorsed by Elliott, Phillips said on Sunday that ex-Dow finance chief Howard Ungerleider and former ConocoPhillips executive Kevin Meyers would be added to its 14-person board to replace a pair of retiring directors.
The board changes mean Elliott will not nominate a rival slate of directors to Phillips’ board, preventing the oil refiner from becoming embroiled in a second proxy fight this year.
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