On February 13, 2024, Phillips 66 announced that it has appointed Robert W Pease to serve on the board, following the appointment, the board consists of 14 directors, 12 of whom are independent, the Company and Elliott Investment Management LP have agreed to work together to identify a 2nd mutually agreed director to be named over the coming months. In addition, the Company stated that, Elliott Partner John Pike and Senior Portfolio Manager Mike Tomkins said that they have worked collaboratively with the Company on the board?s appointment of Robert W Pease, who will bring extensive experience in refining and the energy industry more broadly, and stated that as a large investor, they believe that the Company would substantially increase shareholder value by hitting the enhanced targets it has outlined, and look forward to continuing their work with the Company to identify an additional director who can add valuable perspectives and experience to the board.