Mark Lashier to succeed Greg Garland as CEO of Phillips 66
Phillips 66 announced the appointment of its current President and Chief Operating Officer, Mark Lashier, as president and chief executive officer effective July 1, 2022. 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 has a portfolio of midstream, chemicals, refining, and marketing and specialties businesses, processes, transports, stores and markets fuels and other products globally, for the past 10 years. The company is headquartered in Houston, Texas, U.S.A.
“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 role of chairman and CEO in May 2012, Phillips 66 has recorded many notable achievements. Among others, the company has become an industry leader in operating excellence, including safety, reliability and environmental stewardship. It has grown its midstream business, establishing leading positions in the crude and natural gas liquids (NGL) value chains. It has pioneered disciplined capital allocation in the energy business, targeting 60% of cash flow back in the business while returning 40% to shareholders. It has returned USD29 billion to shareholders through dividends, share repurchases and exchanges and has raised its dividend 10 times for a CAGR of 17%.
“On behalf of the Board of Directors, I want to thank Greg for his outstanding leadership as chairman and CEO,” Tilton continued. “He stood up Phillips 66 as an independent company and created a leading diversified energy manufacturing and logistics company, while investing for the future and delivering strong financial returns.”
Lashier joined Phillips 66 in April 2021 as president and chief operating officer. He has more than 30 years of energy industry experience. Lashier served as president and chief executive officer of Chevron Phillips Chemical (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.
“Mark is the right leader at the right time for Phillips 66,” Garland said. “He has demonstrated a strong track record of delivering growth and driving excellence in both financial and operating results. He will lead a company that has a solid strategy, proven track record, strong leadership, outstanding employees and will successfully navigate and thrive in the energy transition.”
“Greg’s leadership in fostering a culture of operating excellence and financial strength will benefit us for decades,” Lashier said. “That foundation is critical as we face the opportunities and challenges of the next 10 years. I am excited to embark on this new role and leverage the talent of our team and the strength of our assets as we continue to deliver shareholder value.”