Summary
Phillips 66 (PSX) announced a significant leadership transition in an 8-K filing dated April 12, 2022. Effective July 1, 2022, current CEO Greg C. Garland will retire from his CEO role but will continue as Executive Chairman of the Board until his expected retirement in 2024. This transition marks the end of Mr. Garland's tenure as CEO since the company's independent inception in 2012. The Board has appointed Mark E. Lashier, currently President and Chief Operating Officer, to succeed Mr. Garland as President and CEO. Mr. Lashier brings valuable experience, having previously served as President and CEO of Chevron Phillips Chemical Company LLC. The filing also details changes to the compensation packages for both executives, reflecting their new roles and responsibilities.
Key Highlights
- 1Greg C. Garland is retiring as CEO of Phillips 66 effective July 1, 2022, after serving since the company's independence in 2012.
- 2Mr. Garland will transition to Executive Chairman of the Board, with an anticipated retirement from that role in 2024.
- 3Mark E. Lashier, currently President and COO, has been appointed as the new President and CEO, effective July 1, 2022.
- 4Mr. Lashier's new annual base salary will be $1,500,000, with a target variable cash incentive of 150% of base salary.
- 5Mr. Garland's base salary will be reduced to $1,000,000 in his Executive Chairman role, with his variable cash incentive target remaining at 160% of base salary.
- 6Details on long-term incentive targets and new grant awards for Mr. Lashier are provided, indicating a significant compensation package.
- 7The company issued a news release on April 12, 2022, announcing these leadership changes.