Benzinga - by Stjepan Kalinic, Benzinga Staff Writer.
Copper miner Freeport-McMoRan (NYSE:FCX) confirmed that Kathleen L. Quirk as its incoming president and CEO.
The decision will be effective as of June 11, when the company holds its annual shareholder meeting.
Quirk, who has been with Freeport since 1989, previously served as Chief Financial Officer before being named President in 2021. Richard Adkerson, the incumbent CEO since 2003, will continue as Chairman, facilitating a seamless leadership transition.
"For some time, the Board has been engaged in a process to identify Richard's successor. Kathleen has earned the respect of the Board, the Freeport organization and external stakeholders through her track record of accomplishment, proven leadership and mission for value creation for all stakeholders," Lead Independent Director Dusty McCoy said in a statement.
"Through her 35‐year career with the company, she has broad knowledge of Freeport's business and operations, its people and culture, and is highly qualified to lead Freeport as CEO," he added.
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Over three decades of service, Quirk played a key role in the company’s strategic planning and goal execution. The move comes as the mining industry grapples with consolidation challenges and a heightened focus on metal supply. Freeport-McMoRan, known for its resilience through industry cycles, sees this transition as a continuation of its successful trajectory.
Adkerson, 77, navigated the company through various challenges, including market downturns and strategic negotiations.
Through a $25.9 billion acquisition of Phelps Dodge in March 2007, he positioned Freeport as a market leader with a robust project portfolio and a solid balance sheet. Outside the domestic market, the company operates mines in Indonesia, Chile and Peru.
After a volatile 2023, the company expects $5.8 billion in operating cash flows in 2024, with consolidated sales volumes to be ~4.1 billion pounds of copper, 2.0 million ounces of gold, and 85 million pounds of molybdenum.
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