Summary
Phillips 66 (PSX) announced on October 7, 2019, a change to its Board of Directors. Effective October 4, 2019, Charles M. Holley was appointed as an independent director. Mr. Holley's appointment is to a class of directors whose terms conclude at the 2020 annual shareholder meeting, and he will serve on both the Audit and Finance Committee and the Public Policy Committee. This appointment is a standard governance update and does not appear to involve any unusual compensation or related-party transactions. Mr. Holley will be compensated according to the company's established non-employee director compensation structure. Investors should note this as a routine board refreshment, a common occurrence in publicly traded companies, designed to ensure ongoing oversight and expertise.
Key Highlights
- 1Appointment of Charles M. Holley as an independent director to the Board of Directors, effective October 4, 2019.
- 2Mr. Holley will serve on the Audit and Finance Committee and the Public Policy Committee.
- 3His appointment is for the class of directors whose terms expire at the 2020 annual shareholder meeting.
- 4Mr. Holley will receive compensation consistent with the company's standard non-employee director compensation plan.
- 5There are no disclosed arrangements or understandings related to his appointment.
- 6No related-party transactions exceeding $120,000 were reported between Mr. Holley and the Company.