With a multiphase converter, the phase-shedding function dedicated to maximizing the power efficiency, in a manner that is dependent on the load current, is always provided by a centralized controller that induces a Single Point of Failure (SPOF). The objective of this study is to obtain a decentralized control approach to implement this function by removing any SPOF. The method consists of using identical local controllers, each associated with a converter phase, that communicate with each other in a daisy-chain structure. Instead of measuring the global output current to determine the optimal number of active phases required, each local controller measures its own leg current and takes a local decision based on threshold crossing management and inter-controller communications. Functional simulations are carried out on a 5-leg 12 V/1.2 V 60 W multiphase converter supplying a modern microcontroller. They demonstrate that the number of active phases is well adjusted, in a dynamic manner, depending on the load current level. Specific events such as load current inrush or the start-up sequence are analyzed to guarantee optimal transient responses. A maximum power efficiency tracking ability is also demonstrated. Finally, it is shown that this control strategy allows phase shedding to be implemented using as many phases as desired, in a modular manner, thereby avoiding any centralized processing.