8-KLeadership ChangesExhibits & Filings

FREEPORT-MCMORAN INC 8-K Report, Executive Changes (Dec 19, 2007)

Filed December 19, 2007For Securities:FCX

Summary

Freeport-McMoRan Copper & Gold Inc. (FCX) announced a significant leadership change via an 8-K filing on December 19, 2007, reporting an event date of December 13, 2007. Timothy R. Snider, President and Chief Operating Officer, will retire effective April 1, 2008. This transition includes his resignation from his current roles effective December 31, 2007. In light of Mr. Snider's retirement, Richard C. Adkerson, currently the Chief Executive Officer, has been elected to assume the additional title of President, effective January 1, 2008. Mr. Adkerson, who has extensive experience with FCX including prior roles as President and CFO, will now hold both the CEO and President positions. Investors should note the continuity of leadership at the top executive level with Mr. Adkerson consolidating key responsibilities.

Key Highlights

  • 1Timothy R. Snider, President and Chief Operating Officer, to retire effective April 1, 2008.
  • 2Mr. Snider's resignation from his current roles is effective December 31, 2007.
  • 3Richard C. Adkerson, CEO, elected to also serve as President of FCX, effective January 1, 2008.
  • 4Mr. Adkerson brings extensive experience, having previously served as President and CFO.
  • 5The filing indicates no new compensation arrangements for Mr. Adkerson are being disclosed in this 8-K.
  • 6No transactions requiring disclosure under Item 404(a) of Regulation S-K were noted for Mr. Adkerson.
  • 7An updated operations management structure was announced in conjunction with the leadership changes.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce significant executive leadership changes within Freeport-McMoRan Copper & Gold Inc., specifically the upcoming retirement of its President and Chief Operating Officer, Timothy R. Snider, and the appointment of CEO Richard C. Adkerson to the additional role of President.

Timothy R. Snider is retiring as President and Chief Operating Officer. Richard C. Adkerson, the current CEO, will assume the role of President effective January 1, 2008, in addition to his CEO duties. The filing does not specify a new Chief Operating Officer at this time.

Timothy R. Snider's resignation from his current roles is effective December 31, 2007, and his retirement is effective April 1, 2008. Richard C. Adkerson's appointment as President is effective January 1, 2008.

According to the filing, Mr. Adkerson has an existing employment agreement and change of control agreement as previously disclosed. This 8-K filing does not disclose any new compensatory arrangements or transactions requiring disclosure under Item 404(a) of Regulation S-K in connection with his new role as President.