05:37 PM EDT, 03/12/2024 (MT Newswires) -- Phillips 66 (PSX) said Tuesday that its board appointed President and Chief Executive Mark Lashier as chairman of the board.

Lashier's appointment as chairman will become effective immediately before the annual meeting of shareholders on May 15, according to the company.

Current Executive Chairman Greg Garland will step down from the board and the number of directors will be reduced to 13 from 14, Phillips added.