N‐Phenylglycine reacts with an equivalent of 2,4‐bis(phenyl)‐1,3‐diselenadiphosphetane 2,4‐diselenide (Woollins' reagent, WR) to generate as the major product 1,4‐diphenylpiperazine‐2,5‐diselenone and as the minor product 1,4‐diphenyl‐5‐selenoxopiperazin‐2‐one. Whereas, reacting N‐phenylglycine with an equivalent of 2,4‐bis(4‐methoxyphenyl)‐1,3‐dithia‐2,4‐diphosphetane 2,4‐disulfide (Lawesson's reagent, LR) affords 1,4‐diphenylpiperazine‐2,5‐dithione and N‐phenyl‐2‐(phenylamino)ethanethioamide. 2‐Phenylglycine treated with an equivalent of Woollins' reagent under identical reaction conditions leads to only the formation of 2,5‐diphenylpyrazine. Six X‐ray structures are reported. DFT‐B3LYP calculations suggest that the planar conformation is around 2 kcal/mol less stable than the puckered conformation for the bis‐seleno derivative.