Freeport-McMoRan has announced the retirement of Gerald J. Ford as non-executive chairman of its board of directors, and has tapped his replacement in the miner’s CEO, Richard C. Adkerson.
Ford will be stepping down at the expiration of his current term, which ends in June.
The company said Adkerson will remain the miner’s chief executive officer in addition to his board seat. In addition, Kathleen Quirk has been tapped to be Freeport-McMoRan’s president while continuing her work as chief financial officer.
Finally, the independent directors of the board have appointed Dustan McCoy as lead independent director and Lydia 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.
Freeport-McMoRan’s board of directors is currently comprised of six members, including five independent directors. They intend to add additional directors this year, the company confirmed.
U.S.-based Freeport-McMoRan’s portfolio includes one of the largest copper and gold deposits in the world, the Grasberg property in Indonesia.