8-KLeadership ChangesExhibits & Filings

FREEPORT-MCMORAN INC 8-K Report, Executive Changes (Feb 9, 2024)

Filed February 9, 2024For Securities:FCX

Summary

Freeport-McMoRan Inc. (FCX) announced a significant leadership transition via an 8-K filing on February 8, 2024. Effective June 11, 2024, Kathleen L. Quirk, currently President, will assume the additional role of Chief Executive Officer (CEO), succeeding Richard C. Adkerson. Mr. Adkerson will remain with the company as Chairman of the Board and continue to serve as an executive officer. This transition marks a planned succession with Ms. Quirk, a long-standing executive with extensive financial and operational experience at FCX, stepping into the top leadership role. The filing also details adjustments to the compensation packages for both Mr. Adkerson and Ms. Quirk, reflecting their new roles. Notably, a significant portion of their compensation is expected to remain performance-based, aligning executive incentives with company performance.

Key Highlights

  • 1Kathleen L. Quirk appointed as the new CEO, effective June 11, 2024, succeeding Richard C. Adkerson.
  • 2Richard C. Adkerson will continue as Chairman of the Board and remain an executive officer.
  • 3Ms. Quirk has a deep history with FCX, having served as President since 2021 and previously as CFO.
  • 4Compensation adjustments are in place for both executives to reflect the leadership changes.
  • 5Ms. Quirk's annual base salary will increase to $1.4 million, while Mr. Adkerson's will decrease to $1.2 million.
  • 6A substantial portion (approximately 70%) of the executives' targeted compensation is expected to be performance-based.

Frequently Asked Questions

This 8-K filing announces a key leadership transition at Freeport-McMoRan Inc. (FCX), specifically the appointment of Kathleen L. Quirk as the new Chief Executive Officer (CEO) and adjustments to executive compensation in light of this change.

Kathleen L. Quirk, currently the President of FCX, will assume the role of Chief Executive Officer (CEO) effective June 11, 2024, which is the date of FCX's 2024 annual meeting of stockholders.

Richard C. Adkerson will continue to serve as the Chairman of FCX's Board of Directors and will remain an executive officer of the company.

Yes, compensation packages for both Mr. Adkerson and Ms. Quirk have been adjusted. Ms. Quirk's base salary will increase to $1.4 million, while Mr. Adkerson's will decrease to $1.2 million. Both will continue to participate in incentive programs, with adjustments to their target award percentages for the annual incentive plan and Ms. Quirk receiving a long-term incentive award reflecting her new CEO role. Approximately 70% of their targeted compensation is expected to be performance-based.