12-04-2022

Phillips 66 announces CEO transition plans

Phillips 66 has named its current President and Chief Operating Officer, Mark Lashier, as President and Chief Executive Officer effective July 1. Lashier will succeed Greg Garland, who will remain as Executive Chairman of the Board of Directors until he retires in 2024.

Garland has led Phillips 66, which is headquartered in Houston, for the past 10 years.

“Greg’s leadership and commitment to Phillips 66, our employees and our investors have been invaluable,” said Glenn Tilton, lead Independent Director on the Phillips 66 Board of Directors and chair of the Board’s Nominating and Governance Committee. “He embodies our values of safety, honor and commitment and our vision to provide energy and improve lives.”

Since Garland assumed the Chairman and CEO role in May 2012, Phillips 66 has recorded many notable achievements. The company has:
* Become an industry leader in operating excellence, including safety, reliability and environmental stewardship;
* Pioneered disciplined capital allocation in the energy business, targeting 60% of cash flow back in the business while returning 40% to shareholders;
* Returned $29 billion to shareholders through dividends, share repurchases and exchanges;
* Raised its dividend 10 times for a CAGR of 17%;
* Grown its Midstream business, establishing leading positions in the crude and NGL value chains;
* Established a values-based organization that is true to its vision of providing energy and improving lives.

About Greg Garland
Garland has served as Chairman and Chief Executive Officer of Phillips 66 since 2012. A chemical engineer, he previously served as Senior Vice President, Exploration and Production, Americas for ConocoPhillips and as President and Chief Executive Officer of Chevron Phillips Chemical Company, LLC (CPChem), a joint venture between Phillips 66 and Chevron. He began his career with Phillips Petroleum Company in 1980 as a project engineer for the Plastics Technical Center. He serves on several philanthropic boards, including the Barbara Bush Houston Literacy Foundation, the Greater Houston Partnership, Junior Achievement of Southeast Texas and the Board of Visitors for MD Anderson.

About Mark Lashier
Lashier joined Phillips 66 in April of 2021 as President and Chief Operating Officer. He has over 30 years of energy industry experience. Lashier served as President and Chief Executive Officer of CPChem from 2017 to 2021. Prior to that role, he held several leadership positions at CPChem, including Executive Vice President of Olefins and Polyolefins and Senior Vice President of Specialties, Aromatics and Styrenics. He began his career with Phillips Petroleum Company as a research engineer.