Tags: carl icahn | Freeport-McMoRan | Allies | Board

Icahn Gets His Way as Freeport-McMoRan Names His Allies to Board

Image: Icahn Gets His Way as Freeport-McMoRan Names His Allies to Board
Carl Icahn (AP)

Wednesday, 07 Oct 2015 10:32 AM

Billionaire activist investor Carl Icahn got his way at Freeport-McMoRan Inc.

The world’s biggest publicly traded copper producer agreed with Icahn to appoint Andrew Langham and Courtney Mather to the board of directors, Freeport said in a statement Wednesday. Langham has been general counsel of Icahn Enterprises LP since January, while Mather has served as managing director of Icahn Capital LP since April 2014.

With these additions, the board is comprised of 11 directors: nine independent directors and two executive directors. The appointments come a day after Phoenix-based Freeport said it was cutting its board almost in half, to nine from 16, as it prepares to separate the oil and gas unit following “constructive discussions” with shareholders.

Icahn, who holds 8.8 percent of Freeport’s’ shares, said in August he intended to hold talks with the company on “capital expenditures, executive compensation practices and capital structure as well as curtailment of the issuer’s high-cost production operations.”

Freeport joins its major competitors in attempting to placate shareholders in the face of a debilitating collapse in world commodities prices. The metals and energy producer increased its debt almost sixfold in 2013, as it re-entered the oil and gas business by buying its former businesses McMoRan Exploration Co. and Plains Exploration & Production Co. in two separate deals announced the same day.

Icahn and his affiliates own about 100 million Freeport shares.


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(Bloomberg) -- Billionaire activist investor Carl Icahn got his way at Freeport-McMoRan Inc.The world's biggest publicly traded copper producer agreed with Icahn to appoint Andrew Langham and Courtney Mather to the board of directors, Freeport said in a statement Wednesday....
carl icahn, Freeport-McMoRan, Allies, Board
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2015-32-07
Wednesday, 07 Oct 2015 10:32 AM
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