Phillips has served as Chairman and Chief Executive Officer of Phillips Industries, Inc. and as a partner in Market Square Partnership. For more than 30 years he promoted American business by financing accounts receivables, by building showrooms for the International Furniture Market, and by manufacturing textiles.

In his home state of North Carolina, he served in key state government positions at the request of both Republican and Democratic governors, including the positions of Secretary of Commerce, Chairman of the Economic Development Board, and Member of the Board of the Department of Transportation. He has played a prominent role in the development of High Point, North Carolina and the surrounding Piedmont Area, including as Chairman of the Piedmont Triad Partnership, the Economic Development Corporation of High Point, and the High Point Chamber of Commerce. As Secretary of Commerce, he organized many trade missions to Europe, Asia, and the Middle East, meeting such world leaders as Prime Minister Rabin of Israel, Prime Minister Murayama of Japan, and President Zedillo of Mexico.

As a high school student in 1961, he participated in one of the first student exchange programs between United States and the Soviet Union, attending Moscow State University. He traveled extensively through Russia, Ukraine, Georgia, and Poland. More recently, he led a trip to India where he met with the Dalai Lama in the Himalayas. He has offered his time and energy to support educational, medical, and other causes as diverse as Duke University, Wake Forest University Medical Center; and the Smithsonian Institution. In 1999, he chaired the World Games of the Special Olympics, presiding over 10,000 athletes and coaches from 150 countries visiting North Carolina and more than 36,000 citizens volunteering their services.

Phillips was born in High Point, North Carolina. He attended Choate Rosemary Hall in Wallingford, Connecticut and the University of North Carolina at Chapel Hill.