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Phillips 66’s board of directors is facing intense scrutiny as activist investor Elliott gains momentum in its push for significant changes to the company’s governance and leadership.

Phillips 66’s Q1 earnings report was a mixed bag, with a decline in revenue but a raised dividend, leaving investors wondering about the company’s ability to execute on its growth strategy.

Phillips 66 faces growing concerns from investors and analysts due to declining earnings and a perceived lack of value creation, prompting the need for the company to revamp its strategy and operations.

Elliott Investment Management, Phillips 66’s largest shareholder, has sounded the alarm on the company’s strategy and operations, citing concerns that its conglomerate structure and current approach are detrimental to its long-term prospects.

Phillips 66 is embroiled in a dispute with activist investor Elliott Management, which has nominated new board candidates, including replacements for independent director Bob Pease.

Phillips 66 is poised to shake up its boardroom dynamics with a proposed declassification of the board and the nomination of seven new board members by major shareholder Elliott Investment Management.

Phillips 66’s stock price has fluctuated between $108.91 and $174.08 USD over the past year, with a current price of $120.3 USD, indicating a moderate level of valuation.