Thomas D. O’Malley has elected to resign as a member of the Board of Directors of Phillips Petroleum Company in order to pursue other business opportunities in the energy industry. O’Malley’s resignation is effective immediately.
“Jim Mulva and his team have built a terrific company,” said O’Malley. “I intend to remain a large, long-term holder of Phillips shares, and believe that the pending merger with Conoco will create a truly great company. I intend to vote in favor of this merger.”
Mulva, Phillips’ chairman and chief executive officer, said: “I regret that Tom has elected to resign as a member of our board, but understand his decision to pursue direct investment opportunities in the industry and respect his desire to avoid any potential conflict of interest with his role as a director of Phillips. Even though we will miss Tom as a director, we are pleased he will retain his association with the company as a large shareholder.”
O’Malley joined the Phillips board in 2001 upon Phillips’ acquisition of Tosco Corporation. O’Malley had served as Tosco’s chairman and chief executive officer (CEO). Prior to joining Tosco in 1990, he served as vice chairman of Salomon, Inc., and CEO of its wholly-owned division, Phibro Energy, Inc. He currently serves as a director of Lowe’s Corporation.
The resignation of Mr. O'Malley reduces the total number of Phillips directors to 10, nine of whom are outside directors.