01—Abstract
Summary
Summary of the 8-K filed April 4, 2024. Cited figures are marked; the original filing is the authoritative source.
Phillips 66 (PSX) announced a key executive transition within its finance department via an 8-K filing on April 3, 2024.
Ann M. Kluppel has been appointed as the new Vice President and Controller and principal accounting officer, effective May 13, 2024. She will succeed J.
Scott Pruitt, who is retiring on May 31, 2024, after a successful tenure with the company. Ms. Kluppel's promotion is a result of her extensive experience within Phillips 66's finance organization since its 2012 spin-off, most recently serving as General Auditor. The appointment signifies internal succession planning and continuity in financial leadership.
Investors can expect Ms. Kluppel's compensation to align with her increased responsibilities, including adjustments to her variable cash incentive program and long-term incentive plan. These changes, as detailed in the company's 2024 Proxy Statement, are designed to incentivize performance and retain key talent. The filing also confirms no unusual arrangements or relationships concerning Ms. Kluppel's appointment, providing transparency to shareholders.
02—Key points
Key Highlights
- Appointment of Ann M. Kluppel as Vice President and Controller and principal accounting officer, effective May 13, 2024.
- Succession of J. Scott Pruitt, who is retiring as VP and Controller/principal accounting officer effective May 31, 2024.
- Ms. Kluppel has significant internal experience, holding various finance roles since the company's 2012 spin-off, most recently as General Auditor.
- Ms. Kluppel's compensation will be adjusted to reflect her new role, including increases in her variable cash incentive and long-term incentive plan grants.
- Her variable cash incentive target increases to 50% of base salary.
- Her long-term incentive grant will be valued at 160% of base salary starting in 2025, with a specific mix of performance share units and restricted stock units.
- No undisclosed arrangements or family relationships exist between Ms. Kluppel and current directors or executive officers.
03—Questions
Frequently Asked Questions
Who is the new Vice President and Controller and principal accounting officer at Phillips 66?
Ann M. Kluppel has been appointed as the new Vice President and Controller and principal accounting officer, effective May 13, 2024.
Why is there a change in the principal accounting officer role?
The current Vice President and Controller and principal accounting officer, J. Scott Pruitt, announced his retirement, which is effective May 31, 2024. Ms. Kluppel is succeeding him.
What is Ann M. Kluppel's background with Phillips 66?
Ms. Kluppel has been with Phillips 66 since its spin-off from ConocoPhillips in 2012 and has held several positions of increasing responsibility within the finance department, most recently serving as General Auditor since August 2021.
How will Ms. Kluppel's compensation change with this new role?
Ms. Kluppel's target variable cash incentive will increase to 50% of her base salary. Beginning in 2025, her long-term incentive grant will be valued at 160% of her base salary, with 70% in performance share units and 30% in restricted stock units. Her outstanding performance share program awards will also be increased on a pro-rata basis.
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