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Posted 12 April, 2022

Phillips 66 appointed Mark E. Lashier as new CEO

NYSE:PSX appointed new Chief Executive Officer Mark E. Lashier in a 8-K filed on 12 April, 2022.


  (c) The Board of Directors of the Company has appointed Mark E. Lashier to become President and Chief Executive Officer effective July 1, 2022.  

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Overview of Phillips 66
Companies on the Energy Service • Pipeline Transportation
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services. The Chemicals segment produces and markets petrochemicals and plastics on a worldwide basis. The Refining segment Refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels. The Marketing and Specialties segment purchases for resale and markets refined petroleum products such as base oils and lubricants, as well as power generation operations. The company was founded in 1875 and is headquartered in Houston, TX.
Market Cap
$61.7B
View Company Details
Phillips 66 by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


(b) Greg C. Garland, Chairman of the Board and Chief Executive Officer of Phillips 66 (the "Company") announced today that he intends to retire from his position as Chief Executive Officer of the Company effective July 1, 2022. Mr. Garland has served in this capacity since the Company became an independent company in May 2012. Mr. Garland will continue to serve as Executive Chairman of the Board with an expected retirement date from that position in 2024. 

Upon assuming the role of Executive Chairman of the Board, Mr. Garland's base salary will be reduced to $1,000,000 from $1,675,008. The target opportunity for Mr. Garland in the Company's variable cash incentive program ("VCIP") will remain at 160% of his base salary. His actual VCIP payout, if any, will be based on performance relative to the performance goals established under the VCIP. Mr. Garland's 2022 long-term incentive target was reduced to $10,000,000 in the form of 25% restricted stock units ("RSUs"), 25% stock options, and 50% under the 2022-2024 performance share program ("PSP"). 

(c) The Board of Directors of the Company has appointed Mark E. Lashier to become President and Chief Executive Officer effective July 1, 2022. Mr. Lashier, age 60, currently serves as the President and Chief Operating Officer of the Company, a position he has held since April 2021. Prior to joining the Company, Mr. Lashier served as President and CEO of Chevron Phillips Chemical Company LLC from 2017 to 2021. 

In his role as President and Chief Executive Officer, Mr. Lashier's annual base salary will be increased to $1,500,000. The target opportunity for Mr. Lashier in the Company's VCIP will equal 150% of his base salary. His actual VCIP payout, if any, will be based on performance relative to the performance goals established under the VCIP. Mr. Lashier's 2022 long-term incentive target is $6,503,750 in the form of 25% RSUs, 25% stock options, and 50% under the 2022-2024 PSP. In connection with this announcement, Mr. Lashier will receive a supplemental long-term incentive grant with a grant date fair value of approximately $462,500 in the form of RSUs and $462,500 in the form of stock options. 

There are no other arrangements or understandings between Mr. Lashier and any other persons pursuant to which Mr. Lashier was appointed the Company's President and Chief Executive Officer. There are also no family relationships between Mr. Lashier and any director or executive officer of the Company. Mr. Lashier has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.