Latest news with #JohnPike
Yahoo
17-04-2025
- Business
- Yahoo
Elliott Releases Bonus Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Partner John Pike
Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the Company Visit to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 17, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released the third episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts. The latest installment features Elliott Partner John Pike in conversation with Elliott Managing Director Geoff Sorbello. Mr. Pike said: "If the synergies [between Phillips 66's businesses] were apparent, you would see them in the financial statements. The stock would be trading better…In high-performing companies where they say there are synergies or they say that they're going to improve the cost structure, those results are seen in the financial statements…The company doesn't have to create PowerPoint decks to tell you about synergies." "[Phillips 66] wants to continue growing the midstream [segment] by buying more assets…They want to do whatever they can to effectively themselves forget and have the market forget that they are, to a large extent, a refiner. And the way they're solving their refining problem is not by fixing refining, it's by becoming a midstream company, which doesn't work. A low multiple business cannot buy its way out of a problem by buying high multiple businesses." "We only win if all shareholders win. Short-term fixes or changes literally do nothing for us. We need this to be fixed and for it to work and for it to work over a multi-year period. So that is our overarching goal." Episodes can be accessed on and are available on Apple, Spotify and everywhere podcasts are heard. You can also watch the full episodes on YouTube at For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit ADDITIONAL INFORMATION Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Phillips 66, a Delaware corporation ("Phillips" or the "Company"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@ About Elliott Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Media Contact: Casey FriedmanElliott Investment Management L.P.(212) 478-1780cFriedman@ Investor Contact: Bruce Goldfarb / Pat McHughOkapi Partners LLC(877) 629-6357(212) 297-0720info@ View original content to download multimedia: SOURCE Elliott Investment Management L.P. Sign in to access your portfolio
Associated Press
17-04-2025
- Business
- Associated Press
Elliott Releases Bonus Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Partner John Pike
Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the Company Visit to Subscribe to the Podcast and Learn About Elliott's 'Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 17, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ('Elliott'), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the 'Company' or 'Phillips'), today released the third episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts. The latest installment features Elliott Partner John Pike in conversation with Elliott Managing Director Geoff Sorbello. Mr. Pike said: Episodes can be accessed on and are available on Apple, Spotify and everywhere podcasts are heard. You can also watch the full episodes on YouTube at For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit ADDITIONAL INFORMATION Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, 'Elliott'), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ('SEC') to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the 'Annual Meeting') of Phillips 66, a Delaware corporation ('Phillips' or the 'Company'). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at [email protected]. About Elliott Elliott Investment Management L.P. (together with its affiliates, 'Elliott') manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Media Contact: Casey Friedman Elliott Investment Management L.P. (212) 478-1780 [email protected] Investor Contact: Bruce Goldfarb / Pat McHugh Okapi Partners LLC (877) 629-6357 (212) 297-0720 [email protected] View original content to download multimedia: SOURCE Elliott Investment Management L.P.
Yahoo
07-03-2025
- Business
- Yahoo
Phillips 66 Pushes Back Against Elliott in Board Fight
(Bloomberg) -- Oil refiner Phillips 66 is fighting back against activist investor Elliott Investment Management in a letter to shareholders Wednesday. Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low Remembering the Landscape Architect Who Embraced the City Trump Administration Plans to Eliminate Dozens of Housing Offices The Houston-based company confirmed in its letter that executives met with Elliott earlier this week in New York before the hedge fund forged ahead with announcing its nominees to Phillips 66's board. The activist on Tuesday nominated seven directors, including Elliott partner John Pike, for election to Phillips 66's board. Phillips 66 said it intended to offer to interview Elliott's director nominees and find 'a constructive path forward.' 'The meeting ended with Elliott representatives stating there were no immediate next steps,' Phillips 66's Chairman and Chief Executive Officer Mark Lashier and lead independent director Glenn Tilton wrote in the letter. Phillips 66 shares fell 1% at 9:30 a.m. in New York. Lashier and Tilton added that Phillips 66's leadership and board was ready to engage with Elliott, which they wrote had shown 'no genuine interest in engagement.' A representative for Elliott didn't immediately respond to request for comment. In Elliott's materials on Phillips 66, released last month after it disclosed a $2.5 billion stake, the activist said that the company should sell or spin off its midstream business to fully realize its value. In Wednesday's letter, Phillips 66 said that Elliott had floated the idea of a separation of assets for the first time in talks with the company. Phillips 66 also said that it would seek shareholder approval to declassify its board at its annual meeting after some attempts in previous years. A classified board means only a handful of seats can be voted on each year. Elliott had earlier said it could withdraw some of its nominees to accommodate the number of seats that come up for reelection. Last year, the company and Elliott agreed to add Robert Pease, a former president of Shell Trading Co. to its board. His seat is going to be up for grabs this year, the company has indicated. (Adds shares in the fifth paragraph.) The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump Snack Makers Are Removing Fake Colors From Processed Foods Trump's SALT Tax Promise Hinges on an Obscure Loophole ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
Elliott Nominates Phillips 66 Directors, Escalating Fight
(Bloomberg) -- Elliott Investment Management is heading toward a proxy battle with Phillips 66 after failing to reach an agreement with the energy group's leadership on a path to improving performance. How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park US Tent Facility is Holding Migrant Families Longer Than Recommended California School District Ravaged by Fires Cuts 151 Jobs The activist investor has nominated seven directors including Elliott partner John Pike for election to the board of Phillips 66, according to a statement Tuesday. The move comes after Elliott met with Phillips 66 this week and did not reach a settlement. 'Elliott identified three initiatives that it believes are critical to real progress finally occurring at Phillips: portfolio simplification; an operating review; and enhanced oversight,' Elliott said in the statement. 'The director nominees announced today will bring the right experience and objective perspectives to the board as it executes the best path forward.' A preliminary proxy filing noted that none of Phillips 66's independent directors were present during the March 3 meeting. The nominees also include: Brian Coffman, former chief executive officer at refiner Motiva Enterprises. Sigmund Cornelius, former chief financial officer of ConocoPhillips Michael Heim, former chief operating officer of Targa Resources Corp., the energy pipeline company. Alan Hirshberg, ConocoPhillips' former executive vice president of production, drilling and projects. Gillian Hobson, a former partner at energy-focused law firm Vinson & Elkins. Stacy Nieuwoudt, former energy and industrials analyst at Citadel Securities. Representatives for Elliott and Phillips 66 declined to comment. While the hedge fund proposed seven board nominees, it said it could withdraw some of its nominees or make some alternates since there may not be enough available seats at the election. The company has a classified board, meaning only a handful of seats can be voted on, the filing showed. Elliott last month disclosed a stake of more than $2.5 billion in Phillips 66, saying in a letter at the time that there was an urgent need for the Houston-based company to 'pursue an alternative path.' The activist began pressing for changes at Phillips 66 in 2023 and has called for, among other things, the sale of a pipeline business and more ambitious refining targets. Phillips 66's board is led by Chairman and CEO Mark Lashier. The company has been working with Elliott and last year said it would name Robert Pease, a former president of Shell Trading Co., to its board to provide more refining experience. But its stock has continued to lag. The company has indicated that Pease's board seat is one of the few up for grabs this year. Shares in Phillips 66 have fallen more than 15% in New York trading over the last 12 months, giving the company a market value of about $50 billion. A representative for Phillips 66 declined to comment. Led by Paul Singer, Elliott is the largest activist investment firm and has successfully pushed for changes at some of the world's biggest companies. Earlier this year, it emerged with a stake in BP Plc. Bloomberg News has reported that Elliott is ramping up pressure on the London-listed oil major after being underwhelmed by a recent strategy overhaul. (Updates with detail in the fourth paragraph) Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The Mysterious Billionaire Behind the World's Most Popular Vapes Snack Makers Are Removing Fake Colors From Processed Foods Trump's SALT Tax Promise Hinges on an Obscure Loophole The US Is Withdrawing From Global Health at a Dangerous Time ©2025 Bloomberg L.P. Sign in to access your portfolio
