The CEO and co-founder of the mining company Freeport-McMoRan has announced his resignation. James Moffett, who helped form the company in 1969, will resign as chair and leave the board of directors Thursday.
Charles Bradford is a Metals Research Analyst at Bradford Research in New York. Bradford, who’s company owns stock in Freeport-McMoRan, said Moffett’s resignation is likely a move to change leadership before the end of the year.
“One of the things you have to do at the end of the year, is you have to write a proxy to be filed with the Securities and Exchange Commission for next year’s annual meeting, and you have to name your directors," Bradford said. “I always think it’s much better, to get it done before the end of the year so you can have the new guy in place and the plans laid out for 2016.”
Moffett will stay with the company as a consultant.
In August the company announced plans to cut production and about 10 percent of its workforce in the wake of declining copper prices.
