Shares Of Feeport-McMoRan Lower By 3%, Co-Founder Steps Down From Board Of Directors

Shares of

tumbled by more than 3 percent early Monday morning after the company announced a change in its leadership structure. Freeport-McMoRan

that James R. Moffett will step down from the company's Board of Directors and as Executive Chairman. Shares of Freeport-McMoRan were trading lower by 3.30 percent at $7.32 following the announcment. Moffett, along with two associates, founded McMoRan Oil & Gas Co. in 1969. The executive led the effort to merge the company with Freeport Minerals. Moffett has agreed to become a consultant to Freeport-McMoRan's Boarde of Directors and provide advisory services and has been named Chairman Emeritus. Gerald J. Ford has been elected as Non-Executive Chairman and has served as the company's Lead Independent Director since 2013. Richard Adkerson will continue service as President and Chief Executive Officer.