Forced by Carl Icahn the Freeport-McMoRan co-founder and chairman resigns.

29.12.2015 / 09:50

Rating:

James "Jim Bob" Moffett, chairman, co-founder and longtime executive of Freeport-McMoRan Inc. (NYSE: FCX) will step down from his position, the company announced. Moffett leaves his post four months and one day after billionaire activist investor Carl Icahn upped his stake in Freeport-McMoRan Inc. to 8.5 percent and after Icahn's report in a U.S. Securities and Exchange Commission filing that he would potentially seek a seat on the board of the company.

Similarly, Houston-based Cheniere Energy Inc.'s (NYSE: LNG) CEO Charif Souki was ousted from his position at the company this month. Icahn had upped his stake in Cheniere around the same time he disclosed his investment in Freeport-McMoRan Inc.

Moffett founded McMoRan Oil & Gas Co. in 1969, which eventually merged with Freeport Minerals Co., where he served as chairman and CEO from 1984 until 1997. Moffett will assume the role of chairman emeritus. Richard Anderson will continue to serve as president, CEO and vice-chairman of the company.

It is likely these changes reflect a positive on the stock FCX, but with some delay, although the initial reaction of investors for selling.

Varchev Traders

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Forced by Carl Icahn the Freeport-McMoRan co-founder and chairman resigns.

London

Universal numbers