Phillips 66 Stock Price Declines Following Board Changes and Layoffs
Phillips 66’s stock price has decreased in recent days, with the company’s shares falling by a certain percentage. This decline is attributed to two factors: the appointment of activist investor Elliott Management to the company’s Board of Directors and the planned layoffs at its Los Angeles refinery.
Board of Directors Changes
Elliott Management has secured two seats on the company’s Board of Directors. This move has led to concerns among investors, contributing to the stock’s downward trend.
Layoffs at Los Angeles Refinery
Phillips 66 is set to begin layoffs at its Los Angeles refinery in December, as part of its plan to wind down operations at the facility. The company has not disclosed the exact number of employees affected by the layoffs.
Key Developments
- Elliott Management secured two seats on the company’s Board of Directors
- Phillips 66 is set to begin layoffs at its Los Angeles refinery in December
- The company’s stock price has declined in recent days
Financial Implications
The developments mentioned above have likely contributed to the company’s recent financial struggles. However, the exact impact on Phillips 66’s financial performance is not yet clear.