Phillips 66 Appoints Greg Hayes as Lead Independent Director

Key Terms

lead independent director financial

A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.

audit and finance committee financial

A board-level group charged with overseeing a company’s financial reporting, internal checks and balances, audit processes and relationship with external auditors. Think of them as a trusted inspector and bookkeeper who verify that the company’s accounts are accurate, legal and transparent; their work matters to investors because strong oversight reduces the risk of errors or fraud, builds confidence in reported results and can affect valuation and access to capital.

annual meeting of shareholders financial

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) today announced that the Board of Directors has appointed Greg Hayes to serve as lead independent director, effective immediately.

“We are pleased to have Greg step into the role of Lead Independent Director," said Mark Lashier, Chairman and Chief Executive Officer of Phillips 66. “His distinguished leadership experience and deep knowledge of Phillips 66 position him well for this responsibility. I look forward to his leadership.”

As previously disclosed, Glenn Tilton and Marna Whittington did not stand for re-election at Phillips 66’s Annual Meeting of Shareholders and accordingly retired from the Board at the end of their terms. Doug Terreson will succeed Whittington as Chair of the Audit and Finance Committee.

Tilton, who served as Lead Independent Director, echoed Lashier’s praise for Hayes, “Greg’s sound and practical perspectives have been valuable assets to the Board over the past four years. I have enjoyed working with him and have full confidence in his ability to serve as Lead Independent Director.”

“I want to thank Glenn and Marna for their substantial contributions to the Board and for their years of dedicated service to Phillips 66,” said Hayes. “Looking ahead, the Board is confident in our strategy and ability to drive consistent, compelling value for our shareholders.”

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

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Source: Phillips 66