Phillips 66 (NYSE: NYSE:PSX) has announced the appointment of Ann M. Kluppel as the company's new Vice President and Controller, effective May 13, 2024. She will also serve as the designated principal accounting officer. Kluppel will be taking over from J. Scott Pruitt, who is set to retire on May 31, 2024.
Kluppel, who is 56 years old, has been with Phillips 66 since its spin-off from ConocoPhillips (NYSE:COP) in 2012. She has steadily risen through the ranks within the finance department, most recently holding the position of General Auditor since August 2021. Before that, Kluppel served as Managing Director, Corporate Finance, and as Manager, Midstream FP&A.
As part of her new role, Kluppel's compensation will be adjusted. Her target opportunity in the company's variable cash incentive program (VCIP) will increase to 50% of her base salary for the year 2024, and her long-term incentive program (LTIP) grant will be valued at 160% of her base salary starting in 2025. The LTIP grant is expected to be comprised of 70% performance share units and 30% restricted stock units. Additionally, her existing performance share program awards will be increased to 112% of her base salary on a pro-rata basis.
The company has clarified that Kluppel's selection as principal accounting officer was made independently of any other person's influence. Furthermore, there are no familial ties between Kluppel and any director or executive officer of Phillips 66, and she has not been involved in any transactions with the company that would require disclosure under Item 404(a) of Regulation S-K.
Kluppel will continue to be eligible for Phillips 66's executive compensation programs, health, and benefit plans as outlined in the company's Definitive Proxy Statement, filed with the Securities and Exchange Commission on April 3, 2024.
This executive transition comes as part of the company's ongoing leadership changes and is based on information from a recent SEC filing.
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