Freeport-McMoRan chair and co-founder Moffett resigns
James R. Moffett, the executive chairman and co-founder of the mining company Freeport-McMoRan, is stepping down as plunging commodity prices lead to mass layoffs across the entire industry.
The announcement Monday follows the recent revelation that activist investor Carl Icahn had taken a huge stake in the company.
Moffett, who helped form the company in 1969, will resign as chair and leave the board of directors Thursday.
Gerald J. Ford, the company's lead independent director, will become non-executive chairman.
Moffett will receive $16.1 million in severance and continue to provide consulting services to the board for an annual fee of $1.5 million
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