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.