Phillips 66 (NYSE: PSX) appointed Greg Hayes as lead independent director, effective immediately, the company announced.

Hayes assumes the role following the retirement of Glenn Tilton and Marna Whittington, who did not stand for re-election at the company's annual shareholders meeting. Tilton previously served as lead independent director.

"His distinguished leadership experience and deep knowledge of Phillips 66 position him well for this responsibility," said Mark Lashier, chairman and chief executive officer of Phillips 66.

Doug Terreson will succeed Whittington as chair of the audit and finance committee, according to the Houston-based energy company.

Tilton noted that Hayes has served on the board for four years. "Greg's sound and practical perspectives have been valuable assets to the Board," Tilton said.

The board changes come as Phillips 66 continues operations across its midstream, chemicals, refining, marketing and specialties, and renewable fuels businesses. The company manufactures, transports and markets energy products globally.