Freeport Adds 2 Icahn Directors
October 07 2015 - 10:50AM
Dow Jones News
Freeport-McMoRan Inc. said Wednesday that it added two new
independent board members through an agreement with billionaire
investor Carl Icahn, a day after the mining and energy company
reduced its number of directors by 44%.
Freeport, whose main business is still copper, has been hurt by
sluggish commodities prices across the board and its mistimed bet
on the energy business. Mr. Icahn, who has a stake of about 8.8%,
is one of the company's biggest shareholders.
The company on Wednesday named Andrew Langham, general counsel
of Icahn Enterprises L.P., and Courtney Mather, managing director
of Icahn Capital LP, to its board. Freeport now has 11
directors—nine independent directors and two executive
directors.
Tuesday, Freeport cut its board to nine members from 16 members.
The company also said it is reviewing options for its oil-and-gas
business, adding that the potential public offering of a minority
interest in the business remains an alternative.
Mr. Icahn disclosed his stake in late August when Freeport
announced it would slash 2016 capital spending by 29%, cut about
10% of its U.S. workforce—or more than 1,500 jobs—and reduce
output. At the time, Mr. Icahn said he would potentially seek board
representation and wanted the company to cut spending levels
further and executive compensation.
Freeport has been hurt by debt it took on to make a big bet on
oil and gas with the 2013 purchases of McMoRan Exploration Co. and
Plains Exploration & Production Co., for $9 billion combined.
It also moved to dramatically expand copper production on four
continents.
Write to George Stahl at george.stahl@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 10:35 ET (14:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Sep 2023 to Sep 2024