PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that it
has entered into restructured employment arrangements with its President
and Chief Executive Officer, Richard C. Adkerson. FCX and Mr. Adkerson
have mutually agreed to terminate Mr. Adkerson’s employment agreement,
including Mr. Adkerson’s rights to any specified salary, bonus or other
compensation amounts, rights to severance or change-of-control payments
and other rights under his employment agreement.
“As Lead Director, I am pleased to report
continued progress as we seek to strengthen the company’s corporate
governance practices, including the recent appointment of two new
independent directors to the Company’s Board of Directors. Additional
actions are being planned, including modifications to our executive
compensation program.”
Mr. Adkerson will continue in his current role as President, Chief
Executive Officer and Vice Chairman and will continue to serve as a
member of the Office of the Chairman, together with FCX Chairman, James
R. Moffett, and James C. Flores, Vice Chairman of FCX and President and
Chief Executive of FCX’s Oil and Gas unit.
In consideration of Mr. Adkerson’s agreement to terminate his employment
agreement and forego any rights under the agreement, FCX granted Mr.
Adkerson a special retention award of restricted stock units
representing 1.0 million shares of FCX common stock.
Gerald J. Ford, Lead Director of FCX’s Board of Directors, and James
R. Moffett, Chairman of the Board, stated: “Our Board is pleased to have
reached this agreement with Richard Adkerson. His significant
contributions and proven leadership capabilities are well recognized and
valued and we look forward to his continued contributions to our
organization. Our Board is confident that we have the leadership
strength to complement our large, attractive and diverse portfolio of
natural resource assets.”
Mr. Adkerson commented, “We have an exceptionally capable and
committed organization dedicated to achieving success in building values
for our shareholders, providing opportunities for our employees and
their families, and generating sustainable benefits for the communities
where we operate around the world. I am proud to be part of this
team and enthusiastic about the future for our Company. I
appreciate this expression of trust and support by our Company’s Board
of Directors.”
Mr. Ford continued: “As Lead Director, I am pleased to report
continued progress as we seek to strengthen the company’s corporate
governance practices, including the recent appointment of two new
independent directors to the Company’s Board of Directors. Additional
actions are being planned, including modifications to our executive
compensation program.”
FCX is a premier U.S.-based natural resource company with an industry
leading global portfolio of mineral assets, significant oil and gas
resources and a growing production profile. FCX is the world’s largest
publicly traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world’s largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde and El
Abra operations in South America; the Tenke Fungurume minerals district
in the Democratic Republic of Congo; and significant oil and natural gas
assets in North America, including reserves in the Deepwater Gulf of
Mexico, onshore and offshore California, in the Eagle Ford and
Haynesville shale plays and an industry leading position in the emerging
shallow water, ultra-deep gas trend on the Shelf of the Gulf of Mexico
and onshore in South Louisiana. Additional information about FCX is
available on FCX's website at www.fcx.com.
Contacts
Freeport-McMoRan Copper & Gold Inc.
Financial
Contacts:
Kathleen L. Quirk, 602-366-8016
or
David
P. Joint, 504-582-4203
or
Media Contact:
Eric
E. Kinneberg, 602-366-7994