Elliott Management has nominated seven directors to the board of Phillips 66 (PSX), including John Pike, who is leading the campaign for changes that include spinning off or selling its midstream business, Reuters’ Svea Herbst-Bayliss reports, citing two people familiar with the matter. Elliott disclosed last month a $2.5B stake in Phillips 66, and wants the company to address its sluggish stock price, improve its refinery operations and upgrade its board, the firm said in a public letter last month. Elliott privately nominated executives with investment, financial, legal and energy experience, the sources said.
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