Freeport Chair To Step Down

On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Flores James C, (Vice Chairman of the Board) of Freeport-Mcmoran Inc, had purchased 2,200,000 shares on September 4, 2015.

Moffett, who goes by “Jim Bob”, will resign as chair and leave the board of directors Thursday. Ford, the company’s lead independent director and chairman of bank and insurance holding company Hilltop Holdings Inc., will become non-executive chairman.

The shake-ups are another sign of the commodities price rout in energy and mining and indicate a shift in leadership ranks from pioneering company founders to more seasoned crisis managers. The longtime executive and company co-founder was named chairman emeritus.

Freeport-McMoRan’s Tyrone mine in New Mexico.

“During his over 50-year career in the natural resource industry, Jim Bob has become an icon as an explorationist”, said Mr. Ford.

FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile.

Moffett, executive chairman since 2003, previously served as as the company’s CEO from 1995 to 2003.

Freeport-McMoRan and Icahn came to an agreement in October putting “restrictions” on the activist investor seeking the removal of any board members.

In 1981, he was the chief architect of the company’s merger with Freeport Minerals Co., a name well known in Louisiana, which had its headquarters in NY. Richard Adkerson, 68 years old, remains chief executive officer.

Moffett, who co-founded Freeport, will take away $63.3 million in cash retirement plans and $16.1 million in severance, while the balance is in performance-related stock awards, a government filing shows. FCX is the world’s largest publicly traded copper producer. He later helped lead Freeport-McMoRan through its 2007 acquisition of mining competitor Phelps Dodge Corp., moving company headquarters to Phoenix, Ariz.

Freeport-McMoran, Inc. (NYSE:FCX): 11 Analyst have given the stock of Freeport-McMoran, Inc.

Freeport-McMoRan’s oil and gas assets are now expected to be worth about $3 billion, Reuters reported, based on conversations with individuals involved in the potential sale of those assets. FCX has a 1-year high of $23.97 and a 1-year low of $6.08.