Summary
Phillips 66 (PSX) announced a significant leadership change in its 8-K filing dated March 1, 2021. Mark E. Lashier has been appointed as the new President and Chief Operating Officer, effective April 1, 2021. Mr. Lashier brings extensive experience from his previous role as President and CEO of Chevron Phillips Chemical Company LLC (CPChem), a significant joint venture for Phillips 66, where he held various leadership positions since 2000. This appointment is accompanied by a compensation package designed to attract and retain Mr. Lashier, including a base salary of $1,100,000, a variable incentive cash program with a target of 110% of base salary, and a substantial long-term incentive grant valued at $6,050,000 for 2021. A one-time grant of restricted stock units valued at $1,000,000 is also included to compensate for forfeited compensation from CPChem. Investors should view this as a strategic move to leverage experienced leadership within the company's operational sphere.
Key Highlights
- 1Mark E. Lashier appointed President and Chief Operating Officer, effective April 1, 2021.
- 2Lashier has a strong background, previously serving as President and CEO of Chevron Phillips Chemical Company LLC (CPChem).
- 3Annual base salary for Mr. Lashier set at $1,100,000.
- 4Eligible for a variable incentive cash program (VCIP) with a target opportunity of 110% of base salary.
- 52021 long-term incentive grant valued at $6,050,000, comprising performance shares, stock options, and restricted stock units.
- 6Received a one-time restricted stock unit grant of $1,000,000 to offset forfeited CPChem compensation.
- 7No disclosed family relationships or prior transactions with current directors or officers.