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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.