Freeport-McMoRan CEO Richard Adkerson leaves post

  • After almost 21 years in the position
  • Praise and thanks for Adkerson
  • Kathleen Quirk taking over
  • Adkerson will remain as Chairman at Freeport-McMoRan
  • Adkerson spoke at length and said 138 words

(exechange) — Phoenix, Arizona, February 6, 2024 — Richard Adkerson, chief executive of Freeport-McMoRan, leaves his position. As announced by Freeport-McMoRan Inc. in a news release on Tuesday, February 6, 2024, Richard C. Adkerson leaves his post as chief executive officer at the world’s largest listed copper producer, after almost 21 years in the role, effective June 11, 2024.

It is the end of an era.

Richard Adkerson’s duties as CEO will be taken over by Kathleen L. Quirk, currently President at Freeport-McMoRan Inc.

No reason given

In the announcement, Freeport-McMoRan did not explicitly explain the reason for the move.

Adkerson will remain as Chairman at Freeport-McMoRan

Freeport-McMoRan stated: “Richard C. Adkerson will remain Chairman of the Board of Directors, supporting the leadership transition and Freeport’s business on strategic matters of significance to the company.”

Share price increase since February 2019

The announcement follows an increase in Freeport-McMoRan Inc.’s share price of 236% since February 2019.

In the position of CEO since 2003

Richard Adkerson became CEO of the Company in 2003.

Richard C. Adkerson is Chairman of the Board and Chief Executive Officer of Freeport-McMoRan Inc.

He graduated from Mississippi State University with a B.S. degree in Accounting with highest honors and an M.B.A. degree.

In 2010, he received an Honorary Doctor of Science degree from Mississippi State.

He also completed the Advanced Management Program of the Harvard Business School in 1988. Prior to joining Freeport-McMoRan in 1989, he was Partner and Managing Director in Arthur Andersen & Co. where he headed the Firm’s Worldwide Oil and Gas Industry Practice.

From 1976 to 1978, he was a Professional Accounting Fellow with the Securities and Exchange Commission in Washington, D.C.

Adkerson has been a member of the International Council on Mining and Metals since 2005 and served as Chair from 2008 – 2011 and 2020 – 2022.

He is a member of The Business Council, the Business Roundtable and the Council on Foreign Relations.

He also serves on Greater Phoenix Leadership and the Dean’s Council of 100 for the Arizona State University W. P. Carey School of Business.

He serves as Chairman Emeritus of the Board of Trustees of the National WWII Museum and as a member of the Board of Visitors of the M.D. Anderson Cancer Center in Houston, Texas, and was Campaign Chair of the Banner M.D. Anderson Cancer Center Cancer Has Met Its Match Campaign in Phoenix.

He served as the Honorary Chair of the Phoenix Zoo’s Join the Journey – Share the Company’s Pride Campaign.

He is a member and past President of the Mississippi State University Foundation Board of Directors, an Emeritus member of the Executive Advisory Board for the College of Business, and chaired Mississippi State’s State of the Future capital campaign.

He was named National Alumnus of the Year of Mississippi State University in 2011 and The Richard C. Adkerson School of Accountancy is named in his honor.

He was inducted into the American Mining Hall of Fame in 2010 and the National Mining Hall of Fame in 2023, received The American Institute of Mining, Metallurgical and Petroleum Engineers Charles F. Rand Memorial Award in 2011 and in 2009, he was the recipient of The Copper Club’s Ankh Award. He was named Executive of the Year by the W. P. Carey School of Business Dean’s Council at Arizona State University in 2011.

For 11 years, Adkerson was named The Best CEO in Metals and Mining by Institutional Investor magazine.

Adkerson has served as Chief Executive officer since 2003, has been on the FCX Board since 2006 and as Chairman of the Board since February 2021.

138 words by Richard Adkerson

In the release announcing his departure as CEO of Freeport-McMoRan Inc., Richard Adkerson received praise and thanks.

In announcing his departure, Richard Adkerson spoke at length and said 138 words.

“Tradition of excellence”

Richard Adkerson stated: “Serving as CEO of Freeport for over 20 years has been an honor, and I am proud to be a member of the Freeport family. Our people are best in class, and together, we have made valuable, lasting positive impacts on our industry, our communities and society at large. I value my strong bond with our stakeholders – our employees, investors, industry executives, community partners and government officials – all of whom are critical to the success of our company and our industry. Kathleen’s strong business and strategic acumen and increasing levels of responsibility over many years have demonstrated she has the skills to lead our company and continue Freeport’s tradition of excellence. My passion for Freeport and our prospects for the future are stronger than ever, supported by great assets, great people and an outstanding Board and leadership team.”

Push-out Score for Richard Adkerson’s move determined

The Push-out Score™ determined by exechange gauges the pressure surrounding Richard Adkerson’s move on a scale of 0 to 10.

Read the full story in the exechange report 7.2024 ($).