Phillips 66 head Garland on successor Lashier: 'Mark is the right leader at the right time'

Houston-based diversified energy manufacturing and logistics company Phillips 66 said that president and COO Mark Lashier will succeed Greg Garland as president and CEO effective July 1, 2022, according to a press release.

Garland, who has helmed Phillips 66 for a decade, will still serve as executive chairman of its board of directors until his retirement slated for 2024, the release said.

Glenn Tilton, who chaired the board's nominating and governance committee, said Garland is an "invaluable" asset.

“He embodies our values of safety, honor and commitment and our vision to provide energy and improve lives," Tilton said in the release.

According to Phillips 66, Garland's achievements since assuming leadership in May 2012 include, but are not limited to: Setting the company up as an industry leader in operating excellence, returning $29 billion to shareholders and expanding its Midstream business.

Tilton thanked Garland for his "outstanding leadership."

“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,” Tilton said in the release.

Lashier's ascent to his soon-to-be office occurs more than half a decade since he joined Phillips 66.

“Mark is the right leader at the right time for Phillips 66,” Garland said of his successor in the release. “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.”

Garland added that he knew Lashier for a long time, per the release.

In turn, Lashier said that it's a goal of his to add to Garland's success.

“Greg’s leadership in fostering a culture of operating excellence and financial strength will benefit us for decades,” Lashier said in the release. “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.”