8-KLeadership Changes

Phillips 66 8-K Report, Executive Changes (Jul 15, 2021)

Filed July 15, 2021For Securities:PSX

Summary

Phillips 66 (PSX) announced a significant change to its Board of Directors with the appointment of two new independent directors, Denise R. Cade and Douglas T. Terreson. These appointments are effective immediately and are intended to enhance the board's expertise and oversight across various critical areas for the company. Ms. Cade brings extensive legal and corporate governance experience, having served as Senior Vice President, General Counsel, and Corporate Secretary at IDEX Corporation, and also holds a directorship at Teledyne Technologies. Mr. Terreson offers advisory and financial expertise, most recently as a Senior Advisor at Evercore. The addition of Ms. Cade and Mr. Terreson is designed to bring fresh perspectives and specialized skills to the board's committees. Ms. Cade will contribute to the Audit and Finance Committee and the Public Policy and Sustainability Committee, while Mr. Terreson will focus on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee. These committee assignments reflect the company's commitment to robust governance in financial oversight, executive compensation, and evolving sustainability initiatives. Investors should view these appointments as a positive step towards strengthened corporate governance and strategic direction.

Key Highlights

  • 1Phillips 66 appointed two new independent directors: Denise R. Cade and Douglas T. Terreson.
  • 2Denise R. Cade brings expertise in legal matters and corporate governance from her role at IDEX Corporation and directorship at Teledyne Technologies.
  • 3Douglas T. Terreson offers financial advisory and strategic insights from his experience as a Senior Advisor at Evercore.
  • 4Ms. Cade will serve on the Audit and Finance Committee and the Public Policy and Sustainability Committee.
  • 5Mr. Terreson will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee.
  • 6Both new directors will receive standard compensation for non-employee directors as outlined in the company's proxy statement.
  • 7There are no disclosed arrangements or material interests that require further disclosure for the newly appointed directors.

Frequently Asked Questions

Phillips 66 appointed Denise R. Cade and Douglas T. Terreson to enhance the expertise and oversight of its Board of Directors, bringing new perspectives in legal, financial, and governance areas.

Denise R. Cade has extensive legal and corporate governance experience from her role at IDEX Corporation and her board position at Teledyne Technologies. Douglas T. Terreson brings financial advisory and strategic experience from his time at Evercore.

Denise R. Cade will join the Audit and Finance Committee and the Public Policy and Sustainability Committee. Douglas T. Terreson will join the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee.

The new directors will be compensated according to Phillips 66's standard compensation arrangements for non-employee directors, as detailed in the company's proxy statement filed on March 31, 2021.