James R. Moffett, Freeport-McMoRan Inc.’s (NYSE: FCX) chairman of the board, co-founder, and long-time executive, will step down from FCX’s board of directors and as executive chairman. Moffett, who has been named chairman emeritus, has agreed to become a consultant to the FCX board, including providing advisory services. Additionally, the board has elected Gerald J. Ford as non-executive chairman. Ford has served as FCX’s lead independent director since 2013.
Vice Chairman Richard C. Adkerson continues as president and CEO.
Moffett has served as executive chairman of FCX since 2003 and previously served as FCX’s CEO from 1995 to 2003. In 1969, Moffett and two associates founded McMoRan Oil & Gas Co. In 1981, he led the effort to merge McMoRan Oil & Gas Co. and Freeport Minerals Co. The merger resulted in the establishment of FCX’s former parent company, which became a global natural resource company. He served as its chairman and CEO from 1984 until its acquisition in 1997.
FCX’s portfolio of assets includes US oil and natural gas assets in the deepwater Gulf of Mexico, onshore and offshore California, and in the Haynesville natural gas shale, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in south Louisiana.