March 26 (Reuters) - Phillips 66 said on

Wednesday it has nominated four executives to stand for election

as directors at its upcoming annual shareholders' meeting as the

proxy fight with activist Elliott Investment Management

intensifies.

The nominations include John E. Lowe and Robert W. Pease,

who are currently serving as directors. Phillips also named

Nigel Hearne and Howard I. Ungerleider in place of Gary K. Adams

and Denise L. Ramos, who will retire from the board.

Elliott had filed a lawsuit against Phillips on Tuesday,

seeking to have four directors stand for election at the

company's annual meeting this year.

The activist investor, which owns a $2.5 billion stake in

Phillips 66, had already nominated seven directors to the

company's board earlier this year.

Phillips' board currently has 14 members but will shrink to

12 after the company's annual meeting in May.

The company also said its CEO Mark Lashier was paid $22.6

million in 2024, up 16.4% from 2023.

Elliott Investment Management did not immediately respond to

a request for comment.