Phillips 66 Expects Robert Pease And Nigel Hearne To Be Elected Directors, Stock Down

(RTTNews) - Phillips 66 (PSX), Wednesday announced the preliminary results for the election of directors, where the shareholders are expected to elect two Phillips 66 nominees and two Elliott Management nominees.

The results hint that Robert Pease and Nigel Hearne might be the elected Phillips 66 directors, whereas Elliott nominees, Sigmund Cornelius and Michael Heim, are expected to be elected.

However, Phillips 66 nominees John Lowe and Howard Ungerleider were not elected.

Additionally, the company noted that the management proposal to declassify the Board was not approved by shareholders.

Currently, PSX is moving down 6.27 percent, to $113.32 on the New York Stock Exchange.