Moffett, the executive chairman and co-founder of the mining company Freeport-McMoRan, is stepping down as plunging commodity prices lead to mass layoffs across the entire industry.
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Moffett, who has been appointed chairman emeritus, will be a consultant to Freeport-McMoRan’s board, including advising the company on its Indonesia operations.
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The Board has elected Gerald J. Ford as Non-Executive Chairman.
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Moffett was considered a driving force in Freeport-McMoRan’s controversial decision to acquire of Houston-based Plains Exploration & Production Co. and McMoRan Exploration, bringing oil and gas exploration under the company’s umbrella yet again.
Moffett, 77, played a key role in developing Indonesia’s Grasberg gold and copper deposit, one of the world’s largest.
We rate FREEPORT-MCMORAN INC as a Sell with a ratings score of D. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more hard for investors to achieve positive results compared to most of the stocks we cover.
The deal between Freeport and McMoRan also touched a nerve with some investors because the companies shared overlapping board members and executives.
Moffett, who goes by “Jim Bob”, has been the FreeportMcMoRan Inc.’s executive chairman since 2003 and previously served as CEO from 1995 to 2003.
“During his over 50-year career in the natural resource industry, Jim Bob has become an icon as an explorationist”, said Mr. Ford.
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 remains chief executive officer, president and vice chairman. In 1969, Mr. Moffett and two associates founded, which developed into one of America’s leading independent oil and gas companies.
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He will receive $16.1 million in severance and continue to provide consulting services to the board for an annual fee of $1.5 million. The deposit is the largest gold producer and the third largest copper producer in the world. He later helped lead Freeport-McMoRan through its 2007 acquisition of mining competitor Phelps Dodge Corp., moving company headquarters to Phoenix, Ariz. On May 4, 2015 The shares registered one year high of $23.97 and one year low was seen on December 18, 2015 at $6.08.
