08:15 AM EDT, 03/26/2025 (MT Newswires) -- Phillips 66 (PSX) said Wednesday it has nominated four candidates to stand for election to the board of directors ahead of the upcoming annual shareholders' meeting.

The company said the nominees include current directors John Lowe and Robert Pease, and new nominees A. Nigel Hearne and Howard Ungerleider, who will replace retiring directors Gary Adams and Denise Ramos.

The announcement follows a lawsuit filed by Elliot Investment Management, which owns a $2.5 billion stake in Phillips 66, seeking to have four directors stand for election at the company's annual meeting this year.