Elliott Management Presents the Choice for Phillips 66 Shareholders
Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has released an investor presentation titled "Streamline 66: The Choice for Shareholders" ahead of the Annual General Meeting on May 21st, 2025. The activist investor is presenting shareholders with a critical choice: either support the current leadership team and status quo, or elect Elliott's four shareholder-nominated directors to drive accountability and improve long-term performance.
Elliott has filed a definitive proxy statement and GOLD universal proxy card with the SEC for the upcoming proxy contest. The firm argues that the current PSX leadership supports poor performance and maintains the status quo, while their "Streamline 66" plan would create a stronger Phillips 66.
Elliott Investment Management, uno dei primi cinque azionisti di Phillips 66 (NYSE: PSX), ha pubblicato una presentazione per gli investitori intitolata "Streamline 66: La scelta per gli azionisti" in vista dell'Assemblea Generale Annuale del 21 maggio 2025. L'investitore attivista propone agli azionisti una scelta cruciale: sostenere l'attuale team di leadership e lo status quo oppure eleggere i quattro direttori nominati da Elliott per promuovere responsabilità e migliorare le performance a lungo termine.
Elliott ha depositato una dichiarazione definitiva di delega e una scheda di voto universale GOLD presso la SEC per la prossima contesa per il voto. La società sostiene che l'attuale leadership di PSX favorisce scarse performance e mantiene lo status quo, mentre il loro piano "Streamline 66" creerebbe una Phillips 66 più solida.
Elliott Investment Management, uno de los cinco principales accionistas de Phillips 66 (NYSE: PSX), ha publicado una presentación para inversores titulada "Streamline 66: La elección para los accionistas" antes de la Junta General Anual del 21 de mayo de 2025. El inversor activista presenta a los accionistas una elección crucial: apoyar al equipo directivo actual y el statu quo, o elegir a los cuatro directores nominados por Elliott para impulsar la responsabilidad y mejorar el rendimiento a largo plazo.
Elliott ha presentado una declaración definitiva de poder y una tarjeta de voto universal GOLD ante la SEC para la próxima contienda de delegación. La firma argumenta que el liderazgo actual de PSX respalda un bajo rendimiento y mantiene el statu quo, mientras que su plan "Streamline 66" crearía una Phillips 66 más fuerte.
Elliott Investment Management는 Phillips 66 (NYSE: PSX)의 상위 5대 주주 중 하나로, 2025년 5월 21일 연례 주주총회를 앞두고 "Streamline 66: 주주를 위한 선택"이라는 투자자 프레젠테이션을 발표했습니다. 이 행동주의 투자자는 주주들에게 중대한 선택을 제시합니다: 현재 경영진과 현 상태를 지지할 것인지, 아니면 Elliott가 지명한 4명의 이사를 선출해 책임성을 강화하고 장기 성과를 개선할 것인지입니다.
Elliott는 다가오는 의결권 경쟁을 위해 SEC에 확정된 위임장 성명서와 GOLD 보편 위임장 카드를 제출했습니다. 회사는 현재 PSX 경영진이 저조한 성과를 지지하며 현 상태를 유지하고 있다고 주장하며, 그들의 "Streamline 66" 계획이 더 강력한 Phillips 66을 만들 것이라고 밝혔습니다.
Elliott Investment Management, l'un des cinq principaux actionnaires de Phillips 66 (NYSE : PSX), a publié une présentation aux investisseurs intitulée "Streamline 66 : Le choix des actionnaires" avant l'Assemblée Générale Annuelle du 21 mai 2025. L'investisseur activiste propose aux actionnaires un choix crucial : soutenir l'équipe de direction actuelle et le statu quo, ou élire les quatre administrateurs nommés par Elliott pour renforcer la responsabilité et améliorer la performance à long terme.
Elliott a déposé une déclaration définitive de procuration et une carte de procuration universelle GOLD auprès de la SEC pour le prochain vote par procuration. La société soutient que la direction actuelle de PSX favorise de faibles performances et maintient le statu quo, tandis que leur plan "Streamline 66" permettrait de créer une Phillips 66 plus solide.
Elliott Investment Management, einer der fünf größten Aktionäre von Phillips 66 (NYSE: PSX), hat eine Investorenpräsentation mit dem Titel "Streamline 66: Die Wahl für Aktionäre" veröffentlicht, die vor der Hauptversammlung am 21. Mai 2025 stattfindet. Der aktivistische Investor stellt den Aktionären eine entscheidende Wahl: Entweder unterstützen sie das aktuelle Führungsteam und den Status quo oder wählen die vier von Elliott nominierten Direktoren, um Verantwortung zu fördern und die langfristige Leistung zu verbessern.
Elliott hat eine endgültige Vollmachterklärung und eine GOLD Universal-Vollmachtkarte bei der SEC für den bevorstehenden Stimmrechtswettbewerb eingereicht. Das Unternehmen argumentiert, dass die derzeitige PSX-Führung schlechte Leistungen unterstützt und den Status quo aufrechterhält, während ihr "Streamline 66"-Plan ein stärkeres Phillips 66 schaffen würde.
- Elliott Management, a major shareholder, is actively pushing for corporate governance improvements
- Shareholders have the opportunity to elect new directors focused on accountability
- Potential for improved long-term performance through strategic changes
- Current leadership team's performance is being criticized as poor
- Company facing internal conflict and proxy battle that could create uncertainty
- Potential disruption to existing business strategy and operations if new directors are elected
Insights
Elliott Management launches proxy contest against Phillips 66, seeking board seats to challenge current leadership with their alternative "Streamline 66" plan.
This press release reveals a full-blown proxy contest has erupted at Phillips 66, with activist investor Elliott Management (a top-five shareholder) soliciting votes for its four director nominees ahead of the May 21st Annual Meeting. Elliott has filed a definitive proxy statement with the SEC and created a GOLD proxy card—standard procedure in contested board elections.
The confrontational tone is immediately evident in Elliott's framing of the choice for shareholders: support current leadership (characterized by Elliott as accepting "poor performance and the status quo") or elect Elliott's nominees who purportedly would "drive accountability and improve long-term performance."
What's notably absent is any specific detail about Elliott's "Streamline 66" plan beyond vague assertions it would create a "stronger" company. The press release functions primarily as a notification that their detailed presentation is now available for download, rather than summarizing its substantive proposals.
Proxy contests represent significant inflection points in corporate governance, essentially functioning as referendums on management's performance and strategy. They typically follow failed private negotiations between the activist and company leadership. Elliott's willingness to incur the substantial costs of a formal proxy fight signals deep disagreement with Phillips 66's current direction.
Shareholders now face a consequential decision that could significantly impact Phillips 66's future strategic direction, with voting rights becoming particularly valuable in this contested situation.
Elliott's activist campaign targets Phillips 66 board seats with typical confrontational tactics but provides minimal specifics about their alternative vision.
This announcement follows Elliott Management's classic activist investor playbook. As a top-five shareholder in Phillips 66, they've escalated to a formal proxy contest—a strategy typically employed only after behind-the-scenes engagement has failed to achieve desired changes.
The press release employs deliberate framing techniques common in activist campaigns: presenting a binary choice to shareholders, using charged language ("poor performance"), and creating dedicated campaign infrastructure (the Streamline66.com website) to build shareholder support. The GOLD proxy card is another standard activist tactic, making their voting materials visually distinct from management's.
What's strategically meaningful is that Elliott is seeking four board seats—likely a significant minority position rather than majority control. This suggests they're targeting influence rather than complete oversight, a more measured approach typical when an activist believes selective changes rather than wholesale transformation is needed.
Elliott's specific criticisms and recommendations remain undisclosed in this announcement. This limited-information approach is strategic—it drives shareholders to their full presentation while controlling the narrative. The absence of specifics makes it impossible to evaluate the merits of their "Streamline 66" plan from this release alone.
This proxy contest signals Elliott's willingness to commit significant resources toward changing Phillips 66's direction, but shareholders will need to review both Elliott's full presentation and management's response to make informed voting decisions.
PSX Leadership Supports Poor Performance and the Status Quo
Elliott's "Streamline 66" Plan Would Create a Stronger Phillips 66 Based on Experience and Results, Not Rhetoric
Visit Streamline66.com to Download the Full Presentation
Elliott presented Phillips 66 shareholders with a simple choice ahead of the Annual General Meeting on May 21st. Do shareholders want to support the current leadership team, which considers its performance acceptable and is committed to the status quo? Or do shareholders want to elect shareholder-nominated directors empowered to drive accountability and improve long-term performance?
The full presentation can be downloaded by clicking here. For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit Streamline66.com.
ADDITIONAL INFORMATION
Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Phillips 66, a
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately
Media Contact:
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com
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Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
(877) 629-6357
(212) 297-0720
info@okapipartners.com
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SOURCE Elliott Investment Management L.P.
FAQ
What is Elliott Management's 'Streamline 66' plan for Phillips 66 (PSX)?
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