preCharge News BUSINESS — Shares of Phillips 66 tumbled nearly 7% as activist investor Elliot Management is poised to win two board seats at the refiner.

Elliott nominees Sigmund Cornelius and Michael Helm were elected to the board based on a preliminary analysis of the vote, according to a statement from the activist investor.

“Today’s vote sends a clear message: Shareholders demand meaningful change at Phillips 66,” Elliott said. Cornelius and Helm will work with the board to improved Phillips’ operational execution and share price performance, the activist investor said.

Phillips’ shares are down about 22% over the past 12 months.