Freeport-McMoRan Announces Appointment of Richard C. Adkerson as Chairman of the Board
February 02 2021 - 6:57PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) today announced that Gerald J.
Ford, non-executive Chairman of the Board of Directors, will retire
as a director effective upon the expiration of his current term,
which ends in June 2021. In light of his impending retirement, Mr.
Ford has stepped down as non-executive Chairman.
The Board has appointed Richard C. Adkerson as Chairman of the
Board. Mr. Adkerson will also continue to lead the company as Chief
Executive Officer. The independent directors of the Board have
appointed Dustan E. McCoy as Lead Independent Director and Lydia H.
Kennard as Chair of the Governance Committee. Fran Townsend will
continue to Chair the Corporate Responsibility Committee, John
Stephens will continue to Chair the Audit Committee and Dusty McCoy
will continue to Chair the Compensation Committee.
In addition, the Board has appointed Kathleen L. Quirk as FCX’s
President. Ms. Quirk will continue as Chief Financial Officer.
Richard C. Adkerson, Chairman of the Board and Chief
Executive Officer, said, “On behalf of the Board of Directors and
our management team, we express our appreciation to Jerry for his
leadership, counsel and service over many years. His business
acumen and counsel have been invaluable. Our entire Freeport
organization is appreciative of Jerry’s contributions to our
success.”
Mr. Adkerson added, “We are fortunate to have an individual
of the caliber of Dusty McCoy to serve as Lead Independent
Director. He is an accomplished business leader with vast business,
international, extractives industry and corporate governance
experience. I thank Lydia, Fran and John for their ongoing
contributions to our Board and for their important committee
leadership roles.”
“On behalf of our Board and management team, I congratulate
Kathleen on her new role as President. Her work and leadership are
extraordinary, resulting in her responsibilities continually
expanding in all aspects of our business. She is a strong partner
to our operational leaders. Kathleen is highly respected within the
company, throughout the mining industry and in the financial and
investor communities.”
Mr. Adkerson continued, “I am honored to serve as Chairman of
our Board and proud to lead our global team of dedicated and
talented individuals focused on building value for all
stakeholders. Our premier position in copper with our high quality,
long-lived assets and proven management team establishes a solid
foundation for a bright future for our company and all
stakeholders.”
Mr. McCoy has been a Board member since 2007 and currently
serves as Chairman of the Compensation Committee and as a member of
the Audit Committee and the Corporate Responsibility Committee. He
is the retired Chairman and Chief Executive Officer of Brunswick
Corporation, a leading, publicly traded, global manufacturer and
marketer of recreation products. He also serves on the Board of
Directors of public companies Louisiana-Pacific Corporation and
YETI Holdings, Inc. as well as serving as Chairman of a private
company that owns and operates quarries.
Mr. Adkerson has served as Chief Executive Officer since 2003
and a member of the Board since 2006. He is a recognized business
leader in the mining industry and currently serves as Chair of the
International Council on Mining and Metals, having previously
served as Chair from 2008-2011. Mr. Adkerson is also a member of
The Business Council, the Business Roundtable and the Council on
Foreign Relations. His strong leadership skills are instrumental in
fostering strong relationships with Freeport’s workers, business
partners, host governments, communities, companies in the global
mining industry and stakeholders enabling him to guide FCX’s
business strategy effectively.
Ms. Quirk has over 30 years of experience in the
Freeport-McMoRan organization and is a senior member of the
company’s executive team having served as Chief Financial Officer
since 2003. She has been instrumental in the company’s strategic
planning and, in her new role as President and Chief Financial
Officer, she will continue to broaden her responsibilities in all
aspects of our business. Ms. Quirk also serves on the Board of
Directors of Vulcan Materials Company as Chair of its Audit
Committee.
FCX’s Board of Directors is currently comprised of six members,
including five independent directors, who possess a diverse range
of perspectives, skill sets and experience. FCX’s Governance
Committee is continuing its ongoing review of the Board’s
composition and potential Board candidates who can contribute to
FCX’s success. The Board intends to add additional directors in
2021.
FREEPORT: Foremost in Copper
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX is one of the world’s largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world’s largest copper and gold
deposits; and significant mining operations in North America and
South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a
positive contributor to the world well beyond its operational
boundaries. Additional information about FCX is available on FCX's
website at fcx.com.
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Financial Contacts: Kathleen L. Quirk (602) 366-8016 David P.
Joint (504) 582-4203 Media Contact: Linda S. Hayes (602)
366-7824
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