PHOENIX (dpa-AFX) - Freeport-McMoRan Inc. (FCX) announced that its Board has undertaken a strategic review of its oil and gas business to evaluate alternative courses of action designed to enhance value to FCX shareholders. The Other alternatives currently under consideration include a spinoff of FCX's oil and gas business to its shareholders, joint venture arrangements and further spending reductions.
In preparation of considering a separation of the oil and gas business, five directors have left the FCX Board and have been appointed to the FM O&G Board. Devon Graham, Jr. and Bobby Lee Lackey have retired from the FCX Board.
The company has reduced the size of its Board from sixteen to nine members. The reconstituted FCX Board is comprised of seven independent directors; and two executive directors: James Moffett, Chairman, and Richard Adkerson, Vice Chairman, President and CEO. The company will no longer have an Office of the Chairman management structure.
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