Phillips 66 Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Phillips 66 on October 1, 2014. The filing addresses Item 5.02 regarding the departure of a Principal Accounting Officer and the appointment of a successor.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and contains no financial performance data.
Material Changes
The material change reported is the upcoming retirement of C. Douglas Johnson, Vice President and Controller (Principal Accounting Officer), effective January 1, 2015. Concurrently, Chukwuemeka A. Oyolu has been appointed to replace him.
Management Commentary and Personnel Details
- Outgoing Officer: C. Douglas Johnson will retire as Vice President and Controller on January 1, 2015.
- Appointments: Chukwuemeka A. Oyolu was elected Assistant Controller effective October 1, 2014. He will assume the role of Vice President and Controller and be designated as the Principal Accounting Officer effective December 1, 2014.
- Background: Mr. Oyolu, 45, previously served as General Manager, Planning and Optimization. He holds an MBA from Rice University and is a Fellow of the Institute of Chartered Accountants of Nigeria.
- Compensation and Agreements: Mr. Oyolu does not have an employment agreement with the Company and is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Confirm the effective date of the Principal Accounting Officer transition (December 1, 2014).
- Verify the interim period coverage between the Assistant Controller appointment (October 1, 2014) and the full Controller appointment.
- Note that the new Principal Accounting Officer has no formal employment agreement.